<SEC-DOCUMENT>0001554855-25-000102.txt : 20250227
<SEC-HEADER>0001554855-25-000102.hdr.sgml : 20250227
<ACCEPTANCE-DATETIME>20250226185944
ACCESSION NUMBER:		0001554855-25-000102
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20250226
FILED AS OF DATE:		20250227
DATE AS OF CHANGE:		20250226

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ULTRAPAR HOLDINGS INC
		CENTRAL INDEX KEY:			0001094972
		STANDARD INDUSTRIAL CLASSIFICATION:	NATURAL GAS DISTRIBUTION [4924]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14950
		FILM NUMBER:		25672088

	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>6-K
<SEQUENCE>1
<FILENAME>MainDocument.htm
<DESCRIPTION>6-K
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt;">
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 26nbvtokfgfhjcu,Bold; font-size: 12.5pt; font-weight: bold;">UNITED STATES</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 26nbvtokfgfhjcu,Bold; font-size: 12.5pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 26nbvtokfgfhjcu,Bold; font-size: 12.5pt; font-weight: bold;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 10pt; text-align: center; text-indent: 0pt;"><font style="font-family: 26nbvtokfgfhjcu,Bold; font-size: 12.5pt; font-weight: bold;">Washington, D.C. 20549</font><font style="font-family: 26nbvtokfgfhjcu,Bold; font-size: 12.5pt; font-weight: bold;">&nbsp;</font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 26nbvtokfgfhjcu,Bold; font-size: 15pt; font-weight: bold;">Form 6-K</font></p>




























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<p style="margin: 0pt; text-align: center;"><font style="font-family: 26nbvtokfgfhjcu,Bold; font-size: 12.5pt; font-weight: bold;">&nbsp;</font><font style="font-family: 26nbvtokfgfhjcu,Bold; font-size: 12.5pt; font-weight: bold;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 26nbvtokfgfhjcu,Bold; font-size: 12.5pt; font-weight: bold;">Report Of Foreign Private Issuer</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 26nbvtokfgfhjcu,Bold; font-size: 12.5pt; font-weight: bold;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 26nbvtokfgfhjcu,Bold; font-size: 12.5pt; font-weight: bold;">Pursuant To Rule 13a-16 Or 15d-16 Of</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 26nbvtokfgfhjcu,Bold; font-size: 12.5pt; font-weight: bold;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 26nbvtokfgfhjcu,Bold; font-size: 12.5pt; font-weight: bold;">The Securities Exchange Act Of 1934</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 02lfl; font-size: 9pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 02lfl; font-size: 9pt;">For the month of</font>&nbsp;February 2025</p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 02lfl; font-size: 9pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 02lfl; font-size: 9pt;">Commission File Number: </font><font style="font-family: 02lfl; font-size: 9pt;">001-14950</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 26nbvtokfgfhjcu,Bold; font-size: 14.5pt; font-weight: bold;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 26nbvtokfgfhjcu,Bold; font-size: 14.5pt; font-weight: bold;">ULTRAPAR HOLDINGS INC.</font></p>
<p style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 1px; margin: 0pt; padding-bottom: 1pt; text-align: center;"><font style="font-family: 02lfl; font-size: 8pt;">(Translation of Registrant&#8217;s Name into English)</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 33dgm,Bold; font-size: 9pt; font-weight: bold;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 33dgm,Bold; font-size: 9pt; font-weight: bold;">Brigadeiro Luis Antonio</font> <font style="font-family: 33dgm,Bold; font-size: 9pt; font-weight: bold;">Avenue</font><font style="font-family: 33dgm,Bold; font-size: 9pt; font-weight: bold;">, 1343, </font><font style="font-family: 33dgm,Bold; font-size: 9pt; font-weight: bold;">9</font><font style="font-family: 33dgm,Bold; font-size: 6pt; font-weight: bold; vertical-align: super;">th</font> <font style="font-family: 33dgm,Bold; font-size: 9pt; font-weight: bold;">Floor</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 33dgm,Bold; font-size: 9pt; font-weight: bold;">S&#227;o Paulo, SP, Brazil 01317-910</font></p>
<p style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 1px; margin: 0pt; padding-bottom: 1pt; text-align: center;"><font style="font-family: 02lfl; font-size: 8pt;">(Address of Principal Executive Offices)</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 02lfl; font-size: 8pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 02lfl; font-size: 8pt;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 02lfl; font-size: 8pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 02lfl; font-size: 9pt;">Form 20-F </font><font style="font-family: 02lfl; font-size: 9pt;">____</font><font style="font-family: 02lfl; font-size: 9pt; text-decoration: underline;">X</font><font style="font-family: 02lfl; font-size: 9pt;">____</font> <font style="font-family: 02lfl; font-size: 9pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 02lfl; font-size: 9pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 02lfl; font-size: 9pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 02lfl; font-size: 9pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 02lfl; font-size: 9pt;">Form 40-F</font><font style="font-family: 02lfl; font-size: 9pt;"> ________</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 02lfl; font-size: 9pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 02lfl; font-size: 8pt;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 02lfl; font-size: 9pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 02lfl; font-size: 9pt;">Yes </font><font style="font-family: 02lfl; font-size: 9pt;">________ </font><font style="font-family: 02lfl; font-size: 9pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 02lfl; font-size: 9pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 02lfl; font-size: 9pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 02lfl; font-size: 9pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 02lfl; font-size: 9pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 02lfl; font-size: 9pt;">No </font><font style="font-family: 02lfl; font-size: 9pt;">____</font><font style="font-family: 02lfl; font-size: 9pt; text-decoration: underline;">X</font><font style="font-family: 02lfl; font-size: 9pt; text-decoration: underline;">____</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 02lfl; font-size: 9pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 02lfl; font-size: 8pt;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 02lfl; font-size: 8pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 02lfl; font-size: 9pt;">Yes </font><font style="font-family: 02lfl; font-size: 9pt;">________ </font><font style="font-family: 02lfl; font-size: 9pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 02lfl; font-size: 9pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 02lfl; font-size: 9pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 02lfl; font-size: 9pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 02lfl; font-size: 9pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 02lfl; font-size: 9pt;">No </font><font style="font-family: 02lfl; font-size: 9pt;">____</font><font style="font-family: 02lfl; font-size: 9pt; text-decoration: underline;">X</font><font style="font-family: 02lfl; font-size: 9pt; text-decoration: underline;">____</font></p>
<p style="font-size: 9pt; line-height: 115%; margin: 0pt 0pt 10pt; text-align: center;"><font style="font-family: 02lfl; font-size: 9pt;">&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'>1</font></font></td>

























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<p style="margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="width: 8.5in; margin: 0 auto;">
<p style="font-size: 13pt; line-height: 2; margin: 0px; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">ULTRAPAR HOLDINGS INC.</font></p>
<p style="font-size: 13pt; line-height: 2; margin: 0px; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">TABLE OF CONTENTS</font></p>
<p style="font-size: 13pt; line-height: 2; margin: 0px; text-indent: 0px; text-align: left;"><font style="font-size: 10pt;"><font style="text-decoration: underline; font-weight: bold;">ITEM</font>&#8203;&#8203;</font></p>
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<td style="width: 19px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><font style="font-size: 10pt; font-family: &quot;times new roman&quot;, times;">1.</font></td>
<td style="width: 714px; height: 17px;"><font style="font-size: 10pt; font-family: &quot;times new roman&quot;, times;"><a href="#BFS_2512025212314848">Parent&#8217;s Individual and Consolidated Financial Statements for the Year Ended December 31, 2024 and Independent Auditor&#8217;s Report</a></font></td>
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<td style="width: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="width: 19px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><font style="font-size: 10pt; font-family: &quot;times new roman&quot;, times;">2.</font></td>
<td style="width: 714px; height: 17px;"><font style="font-size: 10pt; font-family: &quot;times new roman&quot;, times;"><a href="#BMR2024_2512025201215404">2024 Management Report</a></font></td>
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<td style="width: 19px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px;"><font style="font-size: 10pt; font-family: &quot;times new roman&quot;, times;">3.</font></td>
<td style="width: 714px; height: 10px;"><font style="font-size: 10pt; font-family: &quot;times new roman&quot;, times;"><a href="#BER2024_2512025201252926">4Q24 and 2024 Earnings Release</a></font></td>
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<td style="width: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="width: 19px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><font style="font-size: 10pt; font-family: &quot;times new roman&quot;, times;">4.</font></td>
<td style="width: 714px; height: 17px;"><font style="font-size: 10pt; font-family: &quot;times new roman&quot;, times;"><a href="#BMBOD_2512025211952920">Minutes of the Meeting of the Board of Directors of Ultrapar Participa&#231;&#245;es S.A., held on February 26, 20254</a></font></td>
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<td style="width: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="width: 19px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><font style="font-size: 10pt; font-family: &quot;times new roman&quot;, times;">5.</font></td>
<td style="width: 714px; height: 17px;"><font style="font-size: 10pt; font-family: &quot;times new roman&quot;, times;"><a href="#BFCM_2512025211519164">Minutes of the Fiscal Council&#8217;s Meeting</a></font></td>
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<td style="width: 19px; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px;"><font style="font-size: 10pt; font-family: &quot;times new roman&quot;, times;">6.</font></td>
<td style="width: 714px; height: 17px;"><font style="font-size: 10pt; font-family: &quot;times new roman&quot;, times;"><a href="#BNTS_2512025201738543">Notice to Shareholders</a></font></td>
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<p style="margin: 0pt; font-family: 'times new roman'; font-size: 10pt;"><font style="font-family: 'times new roman'; font-size: 10pt;">&nbsp;</font></p>










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<div style="text-align: center;"><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none;" href="#TOC" name="BFS_2512025212314848" class="customBookmark"><font style="font-size: 7pt; color: rgb(255, 255, 255);">Financial statements December 31, 2024</font></a></div>
<p><img src="img3b718e35c76e4e7cae95.jpg" style="display: block; margin-left: auto; margin-right: auto;" alt="Graphics"></p>
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<td style="width: 50%; height: 10px; vertical-align: bottom; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 17.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
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<td><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="TOC"></a>
<p style="vertical-align: middle; text-align: center;"><font style="vertical-align: middle; text-align: center;">Table of Content </font></p>

</td>
<td style="text-align: center;">
</td>
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<tr>
<td style="width: 95%;"><a href="#BA_181202510592955">Statements of financial position</a></td>
<td class="bmpageno" style="width: 5%; text-align: center;">10</td>
</tr>
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<td><a href="#BB_1812025105956810">Statements
of income</a></td>
<td class="bmpageno" style="text-align: center;">12</td>
</tr>
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<td><a href="#BC_181202511149197">Statements of
comprehensive income</a></td>
<td class="bmpageno" style="text-align: center;">13</td>
</tr>
<tr>
<td><a href="#BD_1812025112119659">Statements of changes in equity</a></td>
<td class="bmpageno" style="text-align: center;">14</td>
</tr>
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<td><a href="#BE_1812025114056295">Statements of cash flows - indirect method&nbsp;</a></td>
<td class="bmpageno" style="text-align: center;">15</td>
</tr>
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<td><a href="#BVA01_181202512145570">Statements of value added</a></td>
<td class="bmpageno" style="text-align: center;">17</td>
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<td><a href="#BOperations_1812025121513975">1. Operations</a></td>
<td class="bmpageno" style="text-align: center;">18</td>
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<td><a href="#BBasis_of_preparation_1812025121545903">2. Basis of preparation and presentation of individual and consolidated financial statements </a></td>
<td class="bmpageno" style="text-align: center;">21</td>
</tr>
<tr>
<td><a href="#BNew_accounting_1812025121614565">3. New accounting policies and changes in accounting policies </a></td>
<td class="bmpageno" style="text-align: center;">23</td>
</tr>
<tr>
<td><a href="#BCash_and_cash_1812025121630430">4. Cash and cash equivalents, financial investments, derivative financial instruments and other financial assets</a></td>
<td class="bmpageno" style="text-align: center;">24</td>
</tr>
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<td><a href="#BTrade_receivable_1812025121645670">5. Trade receivables, reseller financing and other receivables (Consolidated)</a></td>
<td class="bmpageno" style="text-align: center;">25</td>
</tr>
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<td><a href="#BSD_1_1812025135921323">6. Inventories (Consolidated)</a></td>
<td class="bmpageno" style="text-align: center;">27</td>
</tr>
<tr>
<td><a href="#BSD_2_1812025135946954">7. Recoverable taxes (Consolidated)</a></td>
<td class="bmpageno" style="text-align: center;">28</td>
</tr>
<tr>
<td><a href="#BSD_3_18120251407152">8. Related parties</a></td>
<td class="bmpageno" style="text-align: center;">30</td>
</tr>
<tr>
<td><a href="#BSD_4_181202514039915">9. Income and social contribution taxes</a></td>
<td class="bmpageno" style="text-align: center;">33</td>
</tr>
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<td><a href="#BSD_5_18120251416146">10. Contractual assets with customers - exclusivity rights (Consolidated)</a></td>
<td class="bmpageno" style="text-align: center;">38</td>
</tr>
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<td><a href="#BSD_6_181202514122914">11. Investments in subsidiaries, joint ventures and associates </a></td>
<td class="bmpageno" style="text-align: center;">38</td>
</tr>
<tr>
<td><a href="#B1_181202517531588">12. Right-of-use assets and leases payable (Consolidated)</a></td>
<td class="bmpageno" style="text-align: center;">43</td>
</tr>
<tr>
<td><a href="#Ba1_181202517643535">13. Property, plant, and equipment (Consolidated)</a></td>
<td class="bmpageno" style="text-align: center;">47</td>
</tr>
<tr>
<td><a href="#Ba3_1812025177443">14. Intangible assets (consolidated)</a></td>
<td class="bmpageno" style="text-align: center;">49</td>
</tr>
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<td><a href="#Ba4_18120251772067">15. Loans, financing, debentures and derivative financial instruments (Consolidated)</a></td>
<td class="bmpageno" style="text-align: center;">52</td>
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<tr>
<td><a href="#Ba6_181202517741552">16. Trade payables (consolidated)</a></td>
<td class="bmpageno" style="text-align: center;">56</td>
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<td><a href="#BA7_181202517754112">17. Employee benefits and private pension plan (Consolidated)</a></td>
<td class="bmpageno" style="text-align: center;">57</td>
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<td><a href="#BA8_181202517811258">18. Provisions and contingent liabilities (Consolidated)</a></td>
<td class="bmpageno" style="text-align: center;">59</td>
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<td><a href="#BSD_7_1812025164641105">19. Subscription warrants &#8211; indemnification</a></td>
<td class="bmpageno" style="text-align: center;">62</td>
</tr>
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<td><a href="#BSD_8_1812025164717105">20. Equity</a></td>
<td class="bmpageno" style="text-align: center;">62</td>
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<td><a href="#BSD_9_181202516488850">21. Net revenue from sales and services (Consolidated)</a></td>
<td class="bmpageno" style="text-align: center;">67</td>
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<td><a href="#BSD_10_1812025164856139">22. Costs, expenses and other operating results by nature</a></td>
<td class="bmpageno" style="text-align: center;">68</td>
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<td><a href="#BSD_11_1812025164918180">23. Financial result</a></td>
<td class="bmpageno" style="text-align: center;">68</td>
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<td><a href="#BSD_12_1812025165017736">24. Earnings per share (Parent and Consolidated)</a></td>
<td class="bmpageno" style="text-align: center;">69</td>
</tr>
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<td><a href="#BSD_13_1812025165057874">25. Segment information</a></td>
<td class="bmpageno" style="text-align: center;">70</td>
</tr>
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<td><a href="#BFinancial_inst_1812025161744157">26. Financial instruments (Consolidated)</a></td>
<td class="bmpageno" style="text-align: center;">74</td>
</tr>
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<td><a href="#BCommitments_1812025161829686"> 27. Commitments (Consolidated)</a></td>
<td class="bmpageno" style="text-align: center;">85</td>
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<td><a href="#BAcquisition_1812025161844358">28. Acquisition of Interest and Control</a></td>
<td class="bmpageno" style="text-align: center;">85</td>
</tr>
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<td><a href="#BEvents_1812025161912702">29. Events after the reporting period</a></td>
<td class="bmpageno" style="text-align: center;">89</td>
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<p style="margin: 0pt 0pt 10pt; orphans: 0; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="font-style: italic; line-height: inherit;">(Convenience Translation into English from the Original Previously Issued in Portuguese</font><font style="font-style: italic; line-height: inherit;">)</font></font></p>
<p style="margin: 0pt 0pt 10pt; orphans: 0; widows: 0;"><br><font style="font-family: 'times new roman', times; font-size: 16pt; font-weight: bold; line-height: inherit;">Ultrapar Participa&#231;&#245;es S.A.</font></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Individual and Consolidated Financial Statements </font></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">for the Year Ended December 31, 2024 </font></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">and Independent Auditor&#8217;s Report </font></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Deloitte Touche Tohmatsu Auditores Independentes Ltda.</font></p>











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<p style="line-height: 1; margin: 0px; text-indent: 0px;"><font style="font-size: 7pt; line-height: inherit;">Deloitte Touche Tohmatsu</font><br><font style="font-size: 7pt; line-height: inherit;">Av. Dr. Chucri Zaidan, 1.240 -</font><br><font style="font-size: 7pt; line-height: inherit;">4&#186; ao 12&#186; andares - Golden Tower</font><br><font style="font-size: 7pt; line-height: inherit;">04711-130 - S&#227;o Paulo - SP</font><br><font style="font-size: 7pt; line-height: inherit;">Brazil</font></p>
<p style="line-height: 1; margin: 0px; text-indent: 0px;"><font style="font-size: 7pt; line-height: inherit;"><br></font></p>
<p style="line-height: 1; margin: 0px; text-indent: 0px;"><font style="font-size: 7pt; line-height: inherit;">Tel.: + 55 (11) 5186-1000</font><br><font style="font-size: 7pt; line-height: inherit;">Fax: + 55 (11) 5181-2911</font><br><font style="font-size: 7pt; line-height: inherit;">www.deloitte.com.br</font><br></p>





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<p style="margin: 0px; line-height: 1.2; text-indent: 0px; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(Convenience Translation into English from the Original Previously Issued in Portuguese)</font></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><br><font style="font-family: 'times new roman', times; font-size: 10pt; text-decoration: underline; line-height: inherit;">INDEPENDENT AUDITOR&#8217;S REPORT ON THE INDIVIDUAL AND CONSOLIDATED FINANCIAL STATEMENTS</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">To the Shareholders, Directors and Management of</font></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultrapar Participa&#231;&#245;es S.A.</font></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Opinion</font></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">We have audited the accompanying individual and consolidated financial statements of Ultrapar Participa&#231;&#245;es S.A. (&#8220;Company&#8221;), identified as Parent and Consolidated, respectively, which comprise the individual and consolidated statements of financial position as at December 31, 2024, and the related individual and consolidated statements of income, of comprehensive income, of changes in equity and of cash flows for the year then ended, and notes to the financial statements, including material accounting policies.</font></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">In our opinion, the individual and consolidated financial statements referred to above present fairly, in all material respects, the individual and consolidated financial position of Ultrapar Participa&#231;&#245;es S.A. as at December 31, 2024, and its individual and consolidated financial performance and its individual and consolidated cash flows for the year then ended in accordance with accounting practices adopted in Brazil and International Financial Reporting Standards (&#8220;IFRS Accounting Standards&#8221;) issued by the International Accounting Standards Board (&#8220;IASB&#8221;).</font></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Basis for opinion</font></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">We conducted our audit in accordance with Brazilian and International Standards on Auditing. Our responsibilities under those standards are further described in the &#8220;Auditor&#8217;s responsibilities for the audit of the individual and consolidated financial statements&#8221; section of our report. We are independent of the Company and its subsidiaries in accordance with the relevant ethical requirements set out in the Code of Ethics for Professional Accountants and the professional standards issued by the Brazilian Federal Accounting Council (&#8220;CFC&#8221;), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.</font></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Key audit matters</font></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the individual and consolidated financial statements of the current year. These matters were addressed in the context of our audit of the individual and consolidated financial statements as a whole, and in forming our opinion thereon, and, therefore, we do not provide a separate opinion on these matters.</font></p>



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<p style="margin: 0pt 0pt 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Recoverability of tax credits (PIS and COFINS) </font></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">Critical Audit Matter Description</font></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">As disclosed in the footnote n&#186; 7.a.2, as of December 31, 2024, the Company carries tax credits related to PIS and COFINS (Federal Value Added Taxes) at R$ 3,172,417 may be utilized for offset against other federal taxes or may be refunded by the Federal Revenue Service through requests if they are filed within the applicable regulatory period.</font></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The recognition and measurement of PIS and COFINS credits for the Company&#8217;s subsidiary Ipiranga Produtos de Petr&#243;leo S.A. require a high degree of judgment by Management, given the complexity underlying the interpretations of the applicable tax laws, as well as the uncertainties involving the expected realization of amounts and considerable efforts made by Management in preparing the calculations used to measure and to recognize those tax credits.</font></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Such matter was considered a critical audit matter due to (i) the significance of the amounts involved, and (ii) the complexity and high degree of judgment involved in assessing and challenging Management&#8217;s assumptions and judgments regarding the realizability of tax credits.</font></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">How the Critical Audit Matter Was Addressed in the Audit</font></p>
<p style="line-height: 1.2; margin: 6pt 0pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Our audit procedures related to the recoverability of tax credits included the following, among others: (i) we evaluated and tested the design and implementation of internal controls over the method, assumptions and data used in the projections to support the realization of the tax credits; (ii) the analysis, challenges and tests on the methodology and assumptions used for the projections that support the realization of the credits, including inquiries to the business, treasury and controllership areas about the assumptions and projections that support the projected results and historical performance, retrospective analysis of results, history of offsets and tax refunds,&nbsp; including the evaluation of contradictory evidence; (iii) inquiries to the Management; and (vi) the analysis and evaluation of the disclosures made in the individual and consolidated financial statements.</font></p>
<p style="line-height: 1.2; margin: 6pt 0pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Based on the evidence obtained from performing our procedures described previously, we consider that the accounting treatment applied to the aforesaid transaction and related disclosures made in the notes are acceptable in the context of the individual and consolidated financial statements taken as a whole. </font></p>
<p style="line-height: 1.2; margin: 6pt 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Other matters</font></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">Statements of value added</font></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">The individual and consolidated statements of value added (&#8220;DVA&#8221;) for the year ended December 31, 2024 prepared under the responsibility of the Company&#8217;s Management and disclosed as supplemental information for purposes of the IFRS Accounting Standards, were subject to audit procedures performed together with the audit of the Company&#8217;s financial statements. In forming our opinion, we assess whether these individual and consolidated statements of value added are reconciled with the financial statements and accounting records, as applicable, and whether their form and content are in accordance with the criteria set out in technical pronouncement CPC 09 - Statement of Value Added. In our opinion, these statements of value added were appropriately prepared, in all material respects, in accordance with the criteria set out in such technical pronouncement and are consistent in relation to the individual and consolidated financial statements taken as a whole.</font></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Other information accompanying the individual and consolidated financial statements and the independent auditor&#8217;s report </font></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Management is responsible for the other information. The other information comprises the Management Report. </font></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Our opinion on the individual and consolidated financial statements does not cover the Management Report and we do not express any form of audit conclusion thereon.</font></p>


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<p style="margin: 0pt; font-family: 'times new roman'; font-size: 10pt;"><font style="font-family: 'times new roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">In connection with our audit of the individual and consolidated financial statements, our responsibility is to read the Management Report and, in doing so, consider whether this report is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement in the Management Report, we are required to report that fact. We have nothing to report in this regard.</font></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Responsibilities of Management and those charged with governance for the individual and consolidated financial statements</font></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Management is responsible for the preparation and fair presentation of the individual and consolidated financial statements in accordance with accounting practices adopted in Brazil and International Financial Reporting Standards (&#8220;IFRS Accounting Standards&#8221;), issued by the IASB, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. </font></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In preparing the individual and consolidated financial statements, Management is responsible for assessing the Company&#8217;s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Company and its subsidiaries or to cease operations, or has no realistic alternative but to do so.</font></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Those charged with governance are responsible for overseeing the Company&#8217;s and its subsidiaries&#8217; financial reporting process.</font></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Auditor&#8217;s responsibilities for the audit of the individual and consolidated financial statements</font></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Our objectives are to obtain reasonable assurance about whether the individual and consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor&#8217;s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Brazilian and International Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. </font></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">As part of an audit in accordance with Brazilian and International Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:</font></p>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 10.06pt; orphans: 0; text-indent: 0pt; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Identify and assess the risks of material misstatement of the individual and consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 10.06pt; orphans: 0; padding-left: 4.14pt; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control of the Company and its subsidiaries.</font></li>



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<p style="margin: 0pt; font-family: 'times new roman'; font-size: 10pt;"><font style="font-family: 'times new roman'; font-size: 10pt;">&nbsp;</font></p>
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<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 10.06pt; orphans: 0; padding-left: 4.14pt; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. </font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 10.06pt; orphans: 0; padding-left: 4.14pt; text-indent: 0pt; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Conclude on the appropriateness of Management&#8217;s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company and its subsidiaries to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor&#8217;s report to the related disclosures in the individual and consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor&#8217;s report. However, future events or conditions may cause the Company and its subsidiaries to cease to continue as a going concern.</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 10.06pt; orphans: 0; padding-left: 4.14pt; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the individual and consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 10.06pt; orphans: 0; padding-left: 4.14pt; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the group financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.</font></li>











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<p style="margin: 0pt 0pt 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.</font></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and matters that may reasonably be thought to bear on our independence, and, when applicable, related safeguards. </font></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor&#8217;s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.</font></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The accompanying individual and consolidated financial statements have been translated into English for the convenience of readers outside Brazil.</font></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><br><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">S&#227;o Paulo, February 26, 2025</font></p>
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<td style="width: 50%;"><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: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">DELOITTE TOUCHE TOHMATSU</font></td>
<td style="width: 50%;"><font style="font-size: 10pt;"><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: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Daniel&nbsp;</font>Corr&#234;a<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: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;de S&#225;</font></font></td>








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<td style="width: 50%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Auditores<font style="color: #000000; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;</font>Independentes<font style="color: #000000; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;</font>Ltda<font style="color: #000000; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">.</font></font></td>
<td style="width: 50%;"><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: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Engagement Partner</font></td>








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<td style="width: 50%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 17.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
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<td style="vertical-align: top; width: 49.9586%; height: 18px;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BA_181202510592955" class="customBookmark"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff;"><font style="font-size: 10pt;">Statements of financial position</font></b></font></a></td>
























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<p align="left" style="margin: 0in; text-align: left; line-height: 115%; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: 115%;">As of December 31, 2024 and 2023 </font></b><b style="mso-bidi-font-weight: normal;"><font style="line-height: 115%;"></font></b></font></p>



















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<td style="width: 50%; height: 17px; border-bottom-width: 1.5pt; ]px;]\px;]px;border-bottom-style: solid; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><font style="color: #000000; font-size: 12px; font-style: italic; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(In thousands of Brazilian&nbsp;</font><font style="font-style: italic;">Reais<font style="color: #000000; font-size: 12px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></font></font></td>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&#8206;</font></p>

















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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>

















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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Consolidated</font></p>

















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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>

















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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>

















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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>

















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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>

















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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>

















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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>

















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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>

















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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Assets</font></p>

















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<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Current assets</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>












</tr>
<tr style="height: 10px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cash and cash equivalents</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">4.a</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,186</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">412,840</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,071,593</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,925,688</font></p>

















</td>












</tr>
<tr style="height: 11px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 11px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Financial investments, derivative financial instruments and other financial assets</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 11px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">4.b</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 11px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">20,100</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 11px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 11px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 11px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 11px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,553,011</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 11px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 11px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">292,934</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Trade receivables</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">5.a</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,540,266</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,921,790</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Reseller financing</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">5.a</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">511,979</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">504,862</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Trade receivables - sale of subsidiaries</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">5.c</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">208,487</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">924,364</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Inventories</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">6</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,917,076</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,291,431</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Recoverable taxes</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">7.a</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,323</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,050</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,040,008</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,462,269</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Recoverable income and social contribution taxes</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">7.b</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">16,734</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">25,006</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">151,930</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">171,051</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Energy trading futures contracts</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">26.h</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">141,257</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Dividends receivable</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">-</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">414,973</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,415</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,572</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other receivables and other assets</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">-</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">95,859</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">105,229</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">294,769</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">263,806</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Prepaid expenses</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">-</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,506</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,617</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">163,846</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">99,922</font></p>

















</td>












</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Contractual assets with customers - exclusivity rights</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">10</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">658,571</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">787,206</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total current assets</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">143,708</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,172,202</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">16,047,721</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">18,648,895</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Non-current assets</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>












</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Financial investments, derivative financial instruments and other financial assets</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">4.b</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">302,608</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">295,637</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,407,080</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">951,941</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Trade receivables</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">5.a</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">27,003</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">13,216</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Reseller financing</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">5.a</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">766,045</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">550,641</font></p>

















</td>












</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Related parties</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">8.a; 8.b</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">7,076</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,677</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">48,309</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">31,892</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred income and social contribution taxes</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">9.a</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">142,630</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">164,267</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">936,941</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,255,134</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Recoverable taxes</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">7.a</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">74</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">75</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,650,269</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,741,370</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Recoverable income and social contribution taxes</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">7.b</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">7,196</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">8,065</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">346,137</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">225,354</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Energy trading futures contracts</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">26.h</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">263,438</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Escrow deposits</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">18.a</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12,615</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">18</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">446,076</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,032,717</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Indemnification asset - business combination</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">18.c</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">126,098</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">124,927</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other receivables and other assets</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">-</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">114,469</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">155,818</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Prepaid expenses</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">-</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">18,989</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">13,752</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">40,904</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">73,387</font></p>

















</td>












</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Contractual assets with customers - exclusivity rights</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">10</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,473,331</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,475,302</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Investments in subsidiaries, joint ventures and associates</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">11</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">14,898,466</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12,322,055</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,148,633</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">318,356</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Right-of-use assets, net</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">12</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">7,664</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">7,527</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,671,324</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,711,526</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Property, plant and equipment, net</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">13</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">68,447</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,791</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">7,135,966</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,387,581</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Intangible assets, net</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">14</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">273,674</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">270,658</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,908,330</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,553,917</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total non-current assets</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">15,739,439</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">13,094,522</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">23,510,353</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">19,603,079</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 30pt; text-indent: 1.15pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total assets</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">15,883,147</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">14,266,724</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">39,558,074</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">38,251,974</font></p>

















</td>












</tr>






























</table>















</div>
<div><br></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"><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>
<div>
<div style="width: 8.5in; margin: 0px auto; line-height: 0.7;">
<table style="height: 47px; width: 100%; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 17.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 49.9586%; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>
























</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; width: 49.9586%; height: 10px;"><font style="font-family: 'times new roman', times; line-height: inherit;"><b style="color: #000000; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff;"><font style="font-size: 10pt; line-height: inherit;">Statements of financial position</font></b></font></td>
























</tr>
<tr style="height: 10px;">
<td style="width: 50%; height: 10px;">
<p align="left" style="margin: 0in; text-align: left; line-height: 104%; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: 115%;">As of December 31, 2024 and 2023 </font></b><b style="mso-bidi-font-weight: normal;"><font style="line-height: 115%;"></font></b></font></p>



















</td>
<td style="vertical-align: top; width: 49.9586%; height: 10px;"><br></td>
























</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1.5pt; ]px;]\px;]px;border-bottom-style: solid; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><font style="color: #000000; font-size: 12px; font-style: italic; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(In thousands of Brazilian&nbsp;</font><font style="font-style: italic;">Reais<font style="color: #000000; font-size: 12px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></font></font></td>
<td style="vertical-align: top; width: 49.9586%; height: 17px; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;"><br></td>
























</tr>



















































</table>
<div><br></div>
<div>
<table cellspacing="0" cellpadding="0" style="height: 812px; border-collapse: collapse; margin-left: 0px; font-family: &quot;times new roman&quot;; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&#8206;</font></p>

















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Parent</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>

















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Consolidated</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Note</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 51%; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; font-weight: bold;">Liabilities</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 6%; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 10%; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 1%; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 10%; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 1%; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 10%; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 1%; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 10%; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; font-weight: bold;">Current liabilities</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">Trade payables</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; font-weight: bold;">16.a</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">25,423</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">26,772</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">3,518,385</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">4,682,671</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">Trade payables - reverse factoring</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; font-weight: bold;">16.b</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">1,014,504</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">1,039,366</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">Loans, financing and derivative financial instruments</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; font-weight: bold;">15</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">3,175,017</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">1,075,672</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">Debentures</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; font-weight: bold;">15</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">377,743</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">917,582</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">Salaries and related charges</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; font-weight: bold;">-</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">44,191</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">51,148</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">480,285</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">494,771</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">Taxes payable</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; font-weight: bold;">-</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">903</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">1,457</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">151,230</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">168,730</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">Energy trading futures contracts</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; font-weight: bold;">26.h</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">66,729</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&#8208;</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">Dividends payable</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; font-weight: bold;">-</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">293,165</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">314,418</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">327,471</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">334,641</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">Income and social contribution taxes payable</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; font-weight: bold;">-</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">175</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">322,074</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">551,792</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">Post-employment benefits</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; font-weight: bold;">17.b</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">24,098</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">23,612</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">Provision for decarbonization credit</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; font-weight: bold;">-</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">741,982</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">Provisions for tax, civil and labor risks</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; font-weight: bold;">18.a</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">431</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">907</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">47,788</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">45,828</font></p>

















</td>












</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">Leases payable</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; font-weight: bold;">12.b</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">3,012</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">2,389</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">316,460</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">311,426</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">Financial liabilities of customers</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; font-weight: bold;">-</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">117,090</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt;">157,615</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other payables</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">-</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,069</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,260</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">554,327</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">683,970</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total current liabilities</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">369,369</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">402,351</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10,493,201</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">11,229,658</font></p>

















</td>












</tr>
<tr style="background-color: #cceeff; height: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>












</tr>
<tr style="height: 18px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Non-current liabilities</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Loans, financing and derivative financial instruments</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">15</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,393,232</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,585,372</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Debentures</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">15</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,356,118</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,189,391</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Energy trading futures contracts</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">26.h</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">48,047</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Related parties</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">8.a</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,875</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,875</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,516</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,118</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred income and social contribution taxes</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">9.a</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">132,825</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">206</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Post-employment benefits</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">17.b</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,517</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,506</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">198,778</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">241,211</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Provisions for tax, civil and labor risks</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">18.a</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">197,396</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">188,757</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">610,572</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,258,302</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Leases payable</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">12.b</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,698</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,197</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,168,692</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,212,508</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Financial liabilities of customers</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">-</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">63,135</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">151,319</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Subscription warrants - indemnification</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">19</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">47,745</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">87,299</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">47,745</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">87,299</font></p>

















</td>












</tr>
<tr style="height: 12px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 12px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Provision for unsecured liabilities of subsidiaries, joint ventures and associates</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 12px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">11</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 12px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">68,530</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 12px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 12px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">55,712</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 12px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 12px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">349</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 12px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 12px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">256</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other payables</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">-</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">31,299</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">15,532</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">218,420</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">263,508</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; background-color: #cceeff; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; background-color: #cceeff; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; background-color: #cceeff; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; background-color: #cceeff; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total non-current liabilities</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">355,060</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">357,878</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">13,241,429</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12,992,490</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; background-color: #cceeff; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; background-color: #cceeff; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; background-color: #cceeff; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; background-color: #cceeff; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Equity</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Share capital</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">20.a</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,621,752</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,621,752</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,621,752</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,621,752</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Equity instrument granted</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">20.b</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">108,253</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">75,925</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">108,253</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">75,925</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Capital reserve</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">20.d</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">612,048</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">597,828</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">612,048</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">597,828</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Treasury shares</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">20.c</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(596,400)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(470,510)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(596,400)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(470,510)</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Revaluation reserve of subsidiaries</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">20.e</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,632</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,802</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,632</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,802</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Profit reserves</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">20.f</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">7,987,100</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,389,559</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">7,987,100</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,389,559</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Accumulated other comprehensive income</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">20.g</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">214,212</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">154,108</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">214,212</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">154,108</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Additional dividends to the minimum mandatory dividends</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">20.h</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">208,121</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">134,031</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">208,121</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">134,031</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Equity attributable to:</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; background-color: #cceeff; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; background-color: #cceeff; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; background-color: #cceeff; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; background-color: #cceeff; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Shareholders of Ultrapar</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">-</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">15,158,718</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">13,506,495</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">15,158,718</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">13,506,495</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Non-controlling interests in subsidiaries</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">11</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">664,726</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">523,331</font></p>

















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total equity</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">15,158,718</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">13,506,495</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">15,823,444</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">14,029,826</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total liabilities and equity</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">15,883,147</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">14,266,724</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">39,558,074</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">38,251,974</font></p>

















</td>












</tr>






























</table>













</div>
<div style="margin: 5pt 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The accompanying notes are an integral part of the financial statements.</font></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"><font class='pageno'>11</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="width: 8.5in; margin: 0 auto;">
<div>
<table style="width: 100%; margin-left: 0.1px; height: 62px; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 17.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 49.9586%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>




</tr>
<tr style="height: 18px;">
<td style="font-size: 10pt;">
<div style="margin: 0in; text-align: justify; break-after: avoid; font-size: 11pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BB_1812025105956810" class="customBookmark"><font style="font-size: 10pt;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Statements
of income</font></b></font></a><b style="font-size: 10pt;"></b></div>




</td>


















</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;">
<p align="left" style="margin: 0in; text-align: left; line-height: 115%; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: 115%;">As of December 31, 2024 and 2023 </font></b></font><b style="mso-bidi-font-weight: normal;"><font style="line-height: 115%; font-family: Aptos, sans-serif;"></font></b></font></p>













</td>
<td style="vertical-align: top; width: 49.9586%; height: 17px;"><br></td>


















</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1.5pt; ]px;]\px;]px;border-bottom-style: solid; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;">
















<i style="mso-bidi-font-style: normal;"><font style="font-size: 9pt;">(In thousands of Brazilian Reais, except earnings per
thousand shares)</font></i></font><br></td>
<td style="vertical-align: top; width: 49.9586%; height: 17px; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;"><br></td>


















</tr>










































</table>
<p style="margin: 0pt;"><br></p>







</div>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 701px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>








</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Parent</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>








</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Consolidated</font></p>








</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&#8206;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">01/01/2024</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">01/01/2023</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">01/01/2024</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">01/01/2023</font></p>








</td>
</tr>
<tr style="height: 21px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 21px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 21px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Note</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 21px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 21px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">to</font><br><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 21px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 21px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">to </font><br><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 21px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 21px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">to </font><br><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 21px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 21px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">to </font><br><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>








</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; width: 50%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Net revenue from sales and services</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 6%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">21</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 10%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 10%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 10%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">133,498,913</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 10%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">126,048,701</font></p>








</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cost of products and services sold</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">22</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(123,811,893)</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(116,730,469)</font></p>








</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; background-color: #cceeff; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; background-color: #cceeff; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; background-color: #cceeff; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; background-color: #cceeff; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Gross profit</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">9,687,020</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">9,318,232</font></p>








</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Operating income (expenses)</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Selling and marketing</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">22</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,499,547)</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,253,226)</font></p>








</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">General and administrative</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">22</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(48,834)</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(65,850)</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,872,092)</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,018,159)</font></p>








</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Results from disposal of property, plant and equipment and intangible assets</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">59</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">171,837</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">121,935</font></p>








</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other operating income (expenses), net</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">22</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">18,343</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">46,776</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(414,092)</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(602,865)</font></p>








</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
</tr>
<tr style="height: 34px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Operating income (loss) before share of profit (loss) of subsidiaries, joint ventures and associates, financial result and income and social contribution taxes</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(30,432)</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(19,069)</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,073,126</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,565,917</font></p>








</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Share of profit (loss) of subsidiaries, joint ventures and associates</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">11</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; background-color: #cceeff; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,380,009</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; background-color: #cceeff; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,490,504</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; background-color: #cceeff; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(127,182)</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; background-color: #cceeff; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">11,908</font></p>








</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Amortization of fair value adjustments on associates acquisition</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">11</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,493)</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>








</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total share of profit (loss) of subsidiaries, joint ventures and associates</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,380,009</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,490,504</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(129,675)</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">11,908</font></p>








</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Income before financial result and income and social contribution taxes</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,349,577</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,471,435</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,943,451</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,577,825</font></p>








</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Financial income</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">23</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">68,869</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">96,949</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">881,074</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">880,884</font></p>








</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Financial expenses</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">23</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(20,959)</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(115,732)</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,813,008)</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,880,014)</font></p>








</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Financial result, net</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">23</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">47,910</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(18,783)</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(931,934)</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(999,130)</font></p>








</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Income before income and social contribution taxes</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,397,487</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,452,652</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,011,517</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,578,695</font></p>








</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Income and social contribution taxes</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Current</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">9.b; 9.c</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(13,217)</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(26,641)</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,124,664)</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,396,317)</font></p>








</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">9.b</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(21,530)</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">13,784</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(360,953)</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">335,375</font></p>








</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; background-color: #cceeff; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(34,747)</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; background-color: #cceeff; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(12,857)</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; background-color: #cceeff; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,485,617)</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; background-color: #cceeff; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,060,942)</font></p>








</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Net income for the year</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,362,740</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,439,795</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,525,900</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,517,753</font></p>








</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Income attributable to:</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Shareholders of Ultrapar</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,362,740</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,439,795</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,362,740</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,439,795</font></p>








</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Non-controlling interests in subsidiaries</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">11</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">163,160</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">77,958</font></p>








</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Total earnings per share (based on the weighted average number of shares outstanding) &#8211; R$</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Basic</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">24</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2.1438</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2.2272</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2.1438</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2.2272</font></p>








</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Diluted</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">24</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2.1141</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2.2081</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2.1141</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2.2081</font></p>








</td>
</tr>









</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: Aptos; font-size: 9pt;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The accompanying notes are an integral part of the financial statements.</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><br></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"><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>






</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="width: 8.5in; margin: 0 auto;">
<table style="height: 62px; width: 100%; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 17.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 49.9586%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>



















</tr>
<tr style="height: 18px;">
<td style="font-size: 10pt;">
<p align="left" style="font-size: 10pt;"><font style="font-size: 10pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none;" href="#TOC" name="BC_181202511149197" class="customBookmark"><font style="font-size: 10pt;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Statements of
comprehensive income</font></b></font></a><b><font style="font-size: 10pt;"></font></b></font></p>










</td>



















</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;">
<p align="left" style="margin: 0in; text-align: left; line-height: 115%; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt; line-height: 115%;">For the years ended December 31, 2024 and
2023</font></b><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt; line-height: 115%;"></font></b></font></p>














</td>
<td style="vertical-align: top; width: 49.9586%; height: 17px;"><br></td>



















</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1.5pt; ]px;]\px;]px;border-bottom-style: solid; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><font style="color: #000000; font-size: 12px; font-style: italic; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(In thousands of Brazilian&nbsp;</font><font style="font-style: italic;">Reais<font style="color: #000000; font-size: 12px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></font></font></td>
<td style="vertical-align: top; width: 49.9586%; height: 17px; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;"><br></td>



















</tr>









































</table>
<p style="margin:0pt"><br></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 282px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>







</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Parent</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Consolidated</font></p>







</td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Note</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">01/01/2024 to 12/31/2024</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">01/01/2023 to 12/31/2023</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">01/01/2024 to 12/31/2024</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">01/01/2023 to 12/31/2023</font></p>







</td>






</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; width: 51%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net income for the year, attributable to shareholders of Ultrapar</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; width: 6%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 10%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,362,740</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 10%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,439,795</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 10%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,362,740</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 10%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,439,795</font></p>







</td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net income for the year, attributable to non-controlling interests in subsidiaries</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">163,160</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">77,958</font></p>







</td>






</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net income for the year</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,362,740</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,439,795</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,525,900</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,517,753</font></p>







</td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>






</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Items that will be subsequently reclassified to profit or loss:</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Fair value adjustments of financial instruments of subsidiaries, joint ventures and associates, net of income and social contribution taxes</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; font-weight: bold;">20.g&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">8,495</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(7,399)</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">8,495</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(7,399)</font></p>







</td>






</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Translation adjustments of associates, net of income and social contribution taxes</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold;">20.g</font>&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">36,134</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">36,134</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>







</td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>






</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Items that will not be subsequently reclassified to profit or loss:</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Actuarial gains (losses) of post-employment benefits, net of income and social contribution taxes</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold;">20.g</font>&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">15,475</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(18,467)</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">25,218</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(32,971)</font></p>







</td>






</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total comprehensive income for the year</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,422,844</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,413,929</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,595,747</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,477,383</font></p>







</td>






</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total comprehensive income for the year attributable to shareholders of Ultrapar</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,422,844</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,413,929</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,422,844</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,413,929</font></p>







</td>






</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total comprehensive income for the year attributable to non-controlling interests in subsidiaries</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">172,903</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">63,454</font></p>







</td>






</tr>














</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: Inter; font-size: 12pt;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The accompanying notes are an integral part of the financial statements.</font></p>


</div>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><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'>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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<div style="width: 8.5in; margin: 0 auto;">
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<td style="width: 50%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 17.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 49.9586%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>






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<td style="width: 50%; height: 17px;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BD_1812025112119659" class="customBookmark"><font style="font-weight: bold;">Statements of changes in equity</font></a></td>
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<p align="left" style="margin: 0in; text-align: left; line-height: 115%; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt; line-height: 115%;">For the years ended December 31, 2024 and
           2023</font></b><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt; line-height: 115%;"></font></b></font></p>




















         </td>
<td style="vertical-align: top; width: 49.9586%; height: 10px;"><br></td>






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<tr style="height: 10px;">
<td style="width: 50%; height: 10px; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;"><font style="font-family: Aptos; font-size: 9pt; font-style: italic;">(In thousands of Brazilian<font>&nbsp;</font>Reais, except dividends per share</font><font style="font-family: Aptos; font-size: 8pt; font-style: italic;">)</font></td>
<td style="width: 50%; height: 10px; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;"><br></td>






        </tr>


































      </table>









     </div>
<div>
<p style="margin: 0pt 0pt 0pt 14.2pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: Arial; font-size: 8pt; font-style: italic;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 472px; width: 100%;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









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<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









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<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









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<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td colspan="3" style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">Profit reserves</font></p>









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<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td colspan="3" style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">Equity attributable to:</font></p>









         </td>
<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>







        </tr>
<tr style="height: 30px;">
<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 30px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 30px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: 1;">Note</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 30px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Share capital</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 30px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td colspan="2" style="padding: 0px; margin: 0px; text-indent: 0px; height: 30px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Equity instrument granted</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 30px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: 1;">Capital reserve</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 30px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 30px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: 1;">Treasury shares</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 30px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td colspan="2" style="padding: 0px; margin: 0px; text-indent: 0px; height: 30px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: 1;">Revaluation reserve of subsidiaries</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 30px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: 1;">Legal reserve</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 30px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td colspan="2" style="padding: 0px; margin: 0px; text-indent: 0px; height: 30px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: 1;">Investments statutory reserve</font></p>









         </td>
<td colspan="2" style="padding: 0px; margin: 0px; text-indent: 0px; height: 30px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: 1;">Accumulated other comprehensive income</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 30px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: 1;">Retained earnings</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 30px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td colspan="2" style="padding: 0px; margin: 0px; text-indent: 0px; height: 30px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: 1;">Additional dividends to the minimum mandatory dividends</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 30px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: 1;">Shareholders of Ultrapar</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 30px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td colspan="2" style="padding: 0px; margin: 0px; text-indent: 0px; height: 30px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: 1;">Non-controlling interests (i)</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 30px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: 1;">Total equity</font></p>









         </td>







        </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; width: 24%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: 1;">Balance as of December 31, 2022</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; width: 5%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; width: 5%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">5,171,752</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; width: 0.5%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; width: 5%; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">43,987</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; width: 0.5%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; width: 5%; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">599,461</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; width: 0.5%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; width: 5%; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">(479,674)</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; width: 0.5%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; width: 5%; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">3,975</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; width: 0.5%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; width: 5%; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">882,575</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; width: 0.5%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; width: 5%; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">5,228,561</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; width: 0.5%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; width: 5%; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">179,974</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; width: 0.5%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; width: 5%; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&#8208;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; width: 0.5%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; width: 5%; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">78,130</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; width: 0.5%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; width: 5%; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">11,708,741</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; width: 0.5%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; width: 5%; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">466,227</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; width: 0.5%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; width: 5%; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">12,174,968</font></p>









         </td>







        </tr>
<tr style="height: 10px;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">Net income for the year</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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">2,439,795</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">2,439,795</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">77,958</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">2,517,753</font></p>









         </td>







        </tr>
<tr style="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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">Other comprehensive income</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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(25,866)</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(25,866)</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(14,504)</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(40,370)</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(25,866)</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">2,439,795</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">2,413,929</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">63,454</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">2,477,383</font></p>









         </td>







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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: 1;">Issuance of shares related to the subscription warrants - indemnification</font></p>









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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">560</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">560</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">560</font></p>









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        </tr>
<tr style="height: 10px;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">8.d; 20.b</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">31,938</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(2,193)</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">9,164</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">38,909</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">38,909</font></p>









         </td>







        </tr>
<tr style="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; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: 1;">Realization of revaluation reserve of subsidiaries</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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(173)</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">60</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(113)</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(113)</font></p>









         </td>







        </tr>
<tr style="height: 10px;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">Capital increase with reserves</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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">20.a</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">1,450,000</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(882,575)</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(567,425)</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(45)</font></p>









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<tr style="height: 10px; background-color: #cceeff;">
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">2,048</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">2,048</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">2,048</font></p>









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<tr style="height: 12px;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 12px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: 1;">Special reserve for mandatory dividend not distributed to non-controlling shareholders</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 12px; vertical-align: bottom;" valign="bottom">
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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 12px; vertical-align: bottom;" valign="bottom">
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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 12px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(11,145)</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: 1;">(11,145)</font></p>









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<tr style="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; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: 1;">Non-controlling interest in acquired subsidiary</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">24,303</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">24,303</font></p>









         </td>







        </tr>
<tr style="height: 10px;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">Allocation of net income:</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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>







        </tr>
<tr style="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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">Legal reserve</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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">121,990</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(121,990)</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









         </td>







        </tr>
<tr style="height: 10px;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">Investments statutory reserve</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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">1,606,431</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(1,606,431)</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<tr style="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; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">Additional minimum mandatory dividend (R$ 0.28 per share)</font></p>









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<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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(305,653)</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(305,653)</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(305,653)</font></p>









         </td>







        </tr>
<tr style="height: 10px;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: 1;">Additional dividends (R$ 0.12 per share)</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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(134,031)</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">134,031</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
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<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">Approval of additional dividends by the Ordinary General Shareholders&#8217; Meeting</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(78,130)</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(78,130)</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">Interim dividends (R$ 0.25 per share)</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(273,798)</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(273,798)</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(273,798)</font></p>









         </td>







        </tr>
<tr style="height: 10px;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">Balance as of December 31, 2023</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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">6,621,752</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">75,925</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">597,828</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">(470,510)</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">3,802</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">121,990</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">6,267,569</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">154,108</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">134,031</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">13,506,495</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">523,331</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">14,029,826</font></p>









         </td>







        </tr>
<tr style="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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">Net income for the year</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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">2,362,740</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">2,362,740</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">163,160</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">2,525,900</font></p>









         </td>







        </tr>
<tr style="height: 10px;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">Other comprehensive income</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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">60,104</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">60,104</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">9,743</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">69,847</font></p>









         </td>







        </tr>
<tr style="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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">Total comprehensive income for the year</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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">60,104</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">2,362,740</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">2,422,844</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">172,903</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">2,595,747</font></p>









         </td>







        </tr>
<tr style="height: 10px;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: 1;">Issuance of shares related to the subscription warrants - indemnification</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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">6,452</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">6,452</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">6,452</font></p>









         </td>







        </tr>
<tr style="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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">Equity instrument granted</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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">8.d; 20.b</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">32,328</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">2,069</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">23,055</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">57,452</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">6</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">57,458</font></p>









         </td>







        </tr>
<tr style="height: 10px;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">Purchase of treasury shares</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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">20.c</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(148,945)</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(148,945)</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(148,945)</font></p>









         </td>







        </tr>
<tr style="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; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: 1;">Realization of revaluation reserve of subsidiaries</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(170)</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">170</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









         </td>







        </tr>
<tr style="height: 10px;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">Reserve constitution</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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">5,699</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">5,699</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(36)</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">5,663</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: 1;">Shareholder transaction - changes of ownership interest</font></p>









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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">534</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">534</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">309</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">843</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">Dividends prescribed</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">3,369</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">3,369</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">3,369</font></p>









         </td>







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<tr style="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; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: 1;">Non-controlling interest in acquired subsidiary</font></p>









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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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         </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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">112,160</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">112,160</font></p>









         </td>







        </tr>
<tr style="height: 10px;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">Allocation of net income:</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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>







        </tr>
<tr style="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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">Legal reserve</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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">20.f</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">118,137</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(118,137)</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</font></p>









         </td>







        </tr>
<tr style="height: 10px;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">Investments statutory reserve</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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">20.f</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">1,479,404</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(1,479,404)</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</font></p>









         </td>







        </tr>
<tr style="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; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: 1;">Additional minimum mandatory dividend for the year (R$ 0.26 per share)</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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">20.i</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(285,180)</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(285,180)</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(285,180)</font></p>









         </td>







        </tr>
<tr style="height: 10px;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">Additional dividends (R$ 0.19 per share)</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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">20.i</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(208,121)</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">208,121</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">-</font></p>









         </td>







        </tr>
<tr style="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; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: 1;">Interest on capital attributable to non-controlling interests</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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(105,590)</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(105,590)</font></p>









         </td>







        </tr>
<tr style="height: 10px;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: 1;">Dividends attributable to non-controlling interests</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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(38,357)</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(38,357)</font></p>









         </td>







        </tr>
<tr style="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; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: 1;">Approval of additional dividends by the Ordinary General Shareholders&#8217; Meeting</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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">20.h</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</font></p>









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<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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(134,031)</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(134,031)</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(134,031)</font></p>









         </td>







        </tr>
<tr style="height: 10px;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">Interim dividends (R$ 0.25 per share)</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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">20.h</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(275,971)</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(275,971)</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&#8208;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">(275,971)</font></p>









         </td>







        </tr>
<tr style="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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">Balance as of December 31, 2024</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">6,621,752</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">108,253</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">612,048</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">(596,400)</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">3,632</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">240,127</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">7,746,973</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">214,212</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">-</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">208,121</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">15,158,718</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">664,726</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt;">&nbsp;</font></p>









         </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold;">15,823,444</font></p>









         </td>







        </tr>

















      </table>
<p style="margin: 5pt 0pt; break-after: avoid; break-inside: avoid; text-indent: 0pt;"><font style="font-family: Aptos; font-size: 9pt;"><sup><font style="font-family: 'times new roman', times;">(i)</font></sup> Are substantially represented by non-controlling shareholders of Iconic.</font></p>
<p style="margin: 0pt 0pt 5pt; break-after: avoid; break-inside: avoid; text-indent: 0pt;"><font style="font-family: Aptos; font-size: 9pt;">The accompanying notes are an integral part of the financial statements.</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"><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>







  </div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="width: 8.5in; margin: 0 auto;">
<table style="font-size: 10pt; height: 47px; width: 100%; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman';">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 17.3333px; font-weight: bold; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 49.9586%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>









</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><a style="text-decoration-line: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BE_1812025114056295" class="customBookmark"><font style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"><font lang="EN-US">Statements of cash flows - indirect method</font>&nbsp;</font></a></td>
<td style="vertical-align: top; width: 49.9586%; height: 17px;"><br></td>









</tr>
<tr style="height: 10px;">
<td style="width: 50%; height: 10px;">
<p align="left" style="margin: 0in; line-height: 115%; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b><font style="font-size: 10pt; line-height: 115%;">For the years ended December 31, 2024 and
           2023</font></b><b><font style="font-size: 10pt; line-height: 115%;"></font></b></font></p>









</td>
<td style="vertical-align: top; width: 49.9586%; height: 10px;"><br></td>









</tr>
<tr style="height: 10px;">
<td style="width: 50%; height: 10px; border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: #000080 !important;"><font style="font-family: Aptos; font-size: 9pt; font-style: italic;">(In thousands of Brazilian&nbsp;Reais, except dividends per share</font><font style="font-family: Aptos; font-size: 8pt; font-style: italic;">)</font></td>
<td style="width: 50%; height: 10px; border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: #000080 !important;"><br></td>









</tr>



















</table>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: Arial; font-size: 6pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 775px;" width="100%">

<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;&nbsp;&nbsp; Parent&nbsp;&nbsp;&nbsp; </font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Consolidated</font></p>












</td>










</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Note</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">01/01/2024 to 12/31/2024</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">01/01/2023 to 12/31/2023</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">01/01/2024 to 12/31/2024</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">01/01/2023 to 12/31/2023</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 57%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Cash flows from operating activities</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 8%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="height: 17px; width: 8%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="height: 17px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="height: 17px; width: 8%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="height: 17px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="height: 17px; width: 8%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="height: 17px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="height: 17px; width: 8%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Net income from continuing operations</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">2,362,740</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">2,439,795</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">2,525,900</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">2,517,753</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Adjustments to reconcile net income to cash provided (consumed) by operating activities</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>










</tr>
<tr style="height: 34px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Share of profit (loss) of subsidiaries, joint ventures and associates and amortization of fair value adjustments on associates acquisition</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">11</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,380,009)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,490,504)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">129,675</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(11,908)</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Amortization of contractual assets with customers - exclusivity rights</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">555,083</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">607,446</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Amortization of right-of-use assets</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,864</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,291</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">312,060</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">305,900</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Depreciation and amortization</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">13; 14</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">15,808</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10,216</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">900,673</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">848,894</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Interest, derivatives, monetary variations and foreign exchange variations</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">13,122</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">23,336</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,557,814</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,349,953</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Current and deferred income and social contribution taxes</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">9.b</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">34,747</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12,857</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,485,617</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,060,942</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Gain (loss) on disposal or write-off of property, plant and equipment, intangible assets and other assets</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(35,298)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(33,983)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(207,076)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(192,744)</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Equity instrument granted</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">32,959</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">14,400</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">57,458</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">38,909</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Gain (loss) on the fair value of energy contracts</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(64,287)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Provision for decarbonization - CBIO and carbon credits</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">584,371</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">740,298</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other provisions and adjustments</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">15,080</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">47,049</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(16,069)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">147,800</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">62,013</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">25,457</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">7,821,219</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">7,413,243</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(Increase) decrease in assets</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Trade receivables and reseller financing</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">180,339</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">259,878</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Inventories</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">371,244</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">645,301</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Recoverable taxes</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(798)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(11,226)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,642,714)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,201,440)</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Dividends received from subsidiaries, associates and joint ventures</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,584,885</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,516,847</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,028</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12,041</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other assets</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(30,090)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(24,909)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(114,528)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(87,797)</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Increase (decrease) in liabilities</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Trade payables and trade payables - reverse factoring</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">16</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,349)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(19,763)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,209,636)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,700,496)</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Salaries and related charges</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(6,957)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(25,209)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(17,019)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">30,965</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Taxes payable</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(554)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">13</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(23,512)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(25,027)</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other liabilities</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(57)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">54,656</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(160,331)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">218,523</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Acquisition of CBIO and carbon credits</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">14</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(389)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(713,453)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(778,885)</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Payments of contractual assets with customers - exclusivity rights</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(418,250)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(597,798)</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Payment of contingencies</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(15)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(30,896)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(70,128)</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Income and social contribution taxes paid</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,433)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(123)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(308,915)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(268,558)</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Net cash provided by operating activities</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">1,603,660</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">1,515,339</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">3,735,576</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">3,849,822</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Cash flows from investing activities</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Financial investments, net of redemptions</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4.b</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(213,003)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(272,011)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(4,202,032)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">73,973</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Acquisition of property, plant and equipment and intangible assets</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">13; 14</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(81,479)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(24,569)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,787,175)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,287,330)</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cash provided by disposal of investments and property, plant and equipment</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">264,564</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">231,979</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,386,252</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">512,827</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Capital increase in subsidiaries, associates and joint ventures</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,124,230)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(422,886)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Capital decrease in subsidiaries, associates and joint ventures</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">11</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,093,204</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">522</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,100</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net cash consumed in the purchase of investments and other assets</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(60,930)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,785,517)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(324,125)</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Net cash provided (consumed) by investing activities</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(1,154,148)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">544,787</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(6,387,950)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(1,021,555)</font></p>












</td>










</tr>























</table>








&nbsp; &nbsp;&nbsp;</div>








</div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<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>
<div style="width: 8.5in; margin: 0 auto;">
<table style="height: 47px; width: 100%; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 17.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 49.9586%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>










</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><font style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"><font lang="EN-US">Statements of cash flows - indirect method</font></font></td>
<td style="vertical-align: top; width: 49.9586%; height: 17px;"><br></td>










</tr>
<tr style="height: 10px;">
<td style="width: 50%; height: 10px;">
<p align="left" style="margin: 0in; text-align: left; line-height: 115%; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt; line-height: 115%;">For the years ended December 31, 2024 and
           2023</font></b><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt; line-height: 115%;"></font></b></font></p>



























         </td>
<td style="vertical-align: top; width: 49.9586%; height: 10px;"><br></td>










</tr>
<tr style="height: 10px;">
<td style="width: 50%; height: 10px; border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: #000080 !important;"><font style="font-family: Aptos; font-size: 9pt; font-style: italic;">(In thousands of Brazilian<font>&nbsp;</font>Reais, except dividends per share</font><font style="font-family: Aptos; font-size: 8pt; font-style: italic;">)</font></td>
<td style="width: 50%; height: 10px; border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: #000080 !important;"><br></td>










</tr>













































      </table>
<div style="font-family: 'times new roman', times; font-size: 10pt;"><br>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 561px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;&nbsp;&nbsp; Parent&nbsp;&nbsp;&nbsp; </font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Consolidated</font></p>












</td>










</tr>
<tr style="height: 34px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 34px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Note</font></p>












</td>
<td style="padding: 0px; height: 34px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">01/01/2024 to 12/31/2024</font></p>












</td>
<td style="padding: 0px; height: 34px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding: 0px; height: 34px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">01/01/2023 to 12/31/2023</font></p>












</td>
<td style="padding: 0px; height: 34px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding: 0px; height: 34px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">01/01/2024 to 12/31/2024</font></p>












</td>
<td style="padding: 0px; height: 34px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding: 0px; height: 34px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">01/01/2023 to 12/31/2023</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; width: 57%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Cash flows from financing activities</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; width: 8%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; width: 8%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; width: 8%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; width: 8%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; width: 8%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Loans, financing and debentures</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Proceeds</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">15</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,179,974</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,903,031</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Repayments</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">15</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,725,000)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,718,953)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,149,525)</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Interest and derivatives (paid) or received</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">15</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">7,838</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(137,891)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,117,562)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,267,447)</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Payments of lease</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Principal</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12.b</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,743)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,136)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(285,404)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(213,527)</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Interest paid</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12.b</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(852)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(705)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(148,084)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(145,586)</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Dividends paid</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(713,066)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(380,898)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(833,658)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(400,025)</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Proceeds from financial liabilities of customers</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">7,812</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Payments of financial liabilities of customers</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(159,897)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(197,891)</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Capital increase made by non-controlling shareholders and redemption of shares</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">149</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">13,500</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Repurchase of treasury shares</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(148,945)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(148,945)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Related parties</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(398)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(6,266)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(15,073)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(31,238)</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Net cash consumed by financing activities</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(858,166)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(2,252,747)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(1,234,102)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(2,494,396)</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Effect of exchange rate changes on cash and cash equivalents in foreign currency</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">32,381</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(29,952)</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Increase (decrease) in cash and cash equivalents</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(408,654)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(192,621)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,854,095)</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">303,919</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cash and cash equivalents at the beginning of the year</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4.a</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">412,840</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">605,461</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,925,688</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,621,769</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cash and cash equivalents at the end of the year</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4.a</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,186</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">412,840</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,071,593</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,925,688</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Non-cash transactions:</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Addition on right-of-use assets and leases payable</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12.a&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">342,332</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">257,201</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Addition on contractual assets with customers - exclusivity rights</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,627</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">66,565</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Reclassification between financial assets and investment in associates</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;11</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">645,333</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Transfer between trade receivables and other assets accounts</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">25,646</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Issuance of shares related to the subscription warrants - indemnification - Extrafarma acquisition</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,452</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">411</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,452</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">411</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Acquisition of property, plant and equipment and intangible assets without cash effect</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">42,180</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">104,177</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Capital increase in joint ventures</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">133,552</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Withdrawal of escrow deposits with tax contingencies</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">610,168</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>












</td>










</tr>























</table>
<p style="margin: 0pt 0pt 8pt; text-indent: 0pt;"><br><font style="font-family: 'times new roman', times; font-size: 10pt;">The accompanying notes are an integral part of the financial statements.</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'>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 style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 2pt 13pt 0pt 0pt; text-align: right;"><br></p>











</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<div style="width: 8.5in; margin: 0 auto;">
<table style="height: 62px; width: 100%; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 17.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 49.9586%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>
























</tr>
<tr style="height: 18px;">
<td style="font-size: 10pt;">
<p align="left" style="font-size: 10pt;"><font style="font-size: 10pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BVA01_181202512145570" class="customBookmark"><font style="font-size: 10pt;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Statements of value added</font></b></font></a><b><font style="font-size: 10pt;"></font></b></font></p>















</td>
























</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;">
<p align="left" style="margin: 0in; text-align: left; line-height: 115%; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt; line-height: 115%;">For the years ended December 31, 2024 and
2023</font></b><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt; line-height: 115%;"></font></b></font></p>



















</td>
<td style="vertical-align: top; width: 49.9586%; height: 17px;"><br></td>
























</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><font style="color: #000000; font-size: 12px; font-style: italic; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(In thousands of Brazilian&nbsp;</font><font style="font-style: italic;">Reais<font style="color: #000000; font-size: 12px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></font></font></td>
<td style="vertical-align: top; width: 49.9586%; height: 17px; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;"><br></td>
























</tr>



















































</table>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 44.42%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10.24%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&#8206;</font></p>









</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Parent</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1.3%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>









</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Consolidated</font></p>









</td>





</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 44.42%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10.24%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Note</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 9.96%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1.3%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 9.96%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1.3%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10.78%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.3%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10.78%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>









</td>





</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Revenues</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="width: 9.96%; vertical-align: bottom; padding: 0px 3.5px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="width: 9.96%; vertical-align: bottom; padding: 0px 3.5px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="width: 10.78%; vertical-align: bottom; padding: 0px 3.5px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="width: 1.3%; vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; 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="width: 10.78%; vertical-align: bottom; padding: 0px 3.5px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>





</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Gross revenue from sales and services, except rents and royalties</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">138,927,497</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">130,120,745</font></p>









</td>





</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Rebates, discounts and returns</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,122,338)</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,013,600)</font></p>









</td>





</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Estimated losses (recovery) of doubtful debts</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,744)</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">22,815</font></p>









</td>





</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Amortization of contractual assets with customers - exclusivity rights</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(555,083)</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(607,447)</font></p>









</td>





</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Gain (loss) on disposal of assets and other operating income (expenses), net</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">18,402</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">46,781</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(242,255)</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(480,930)</font></p>









</td>





</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">18,402</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">46,781</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">137,004,077</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">128,041,583</font></p>









</td>





</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Materials purchased from third parties</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>





</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cost of products and services sold</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(124,034,095)</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(116,948,122)</font></p>









</td>





</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Materials, energy, third-party services and others</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">207,435</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">175,338</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,775,717)</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,646,794)</font></p>









</td>





</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Provision for assets losses</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">735</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">21,210</font></p>









</td>





</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">207,435</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">175,338</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(125,809,077)</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(118,573,706)</font></p>









</td>





</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Gross value added</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">225,837</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">222,119</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">11,195,000</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">9,467,877</font></p>









</td>





</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Retentions</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>





</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Depreciation and amortization of intangible assets and right-of-use assets</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12.a; 13; 14</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(18,672)</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(12,507)</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,212,733)</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,146,277)</font></p>









</td>





</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Net value added produced by the Company</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">207,165</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">209,612</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">9,982,267</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">8,321,600</font></p>









</td>





</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Value added received in transfer</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>





</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total share of profit (loss) of subsidiaries, joint ventures and associates</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">11</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,380,009</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,490,504</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(129,675)</font></p>









</td>
<td style="padding: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">11,908</font></p>









</td>





</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Rents and royalties</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">319,809</font></p>









</td>
<td style="padding: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">316,575</font></p>









</td>





</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Financial income</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">23</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">68,869</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">96,949</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">881,074</font></p>









</td>
<td style="padding: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">880,884</font></p>









</td>





</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,448,878</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,587,453</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,071,208</font></p>









</td>
<td style="padding: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,209,367</font></p>









</td>





</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Total value added available for distribution</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,656,043</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,797,065</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">11,053,475</font></p>









</td>
<td style="padding: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">9,530,967</font></p>









</td>





</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Distribution of value added</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>





</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Personnel and related charges</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="width: 10.78%; vertical-align: bottom; padding: 0px 3.5px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; 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="width: 10.78%; vertical-align: bottom; padding: 0px 3.5px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>





</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Salaries and wages</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">167,659</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">159,812</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><br></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,494,898</font></p>









</td>
<td style="padding: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,448,728</font></p>









</td>





</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Benefits</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">27,473</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">25,052</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">434,927</font></p>









</td>
<td style="padding: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">408,211</font></p>









</td>





</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Government Severance Indemnity Fund for Employees (FGTS)</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">7,656</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">9,035</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">107,666</font></p>









</td>
<td style="padding: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">98,656</font></p>









</td>





</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Others</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">7,413</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">7,219</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">268,559</font></p>









</td>
<td style="padding: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">120,234</font></p>









</td>





</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">210,201</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">201,118</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,306,050</font></p>









</td>
<td style="padding: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,075,829</font></p>









</td>





</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Taxes, fees, and contributions</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>





</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Federal</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">62,228</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">40,614</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,671,136</font></p>









</td>
<td style="padding: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,452,578</font></p>









</td>





</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">State</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">519,824</font></p>









</td>
<td style="padding: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">411,320</font></p>









</td>





</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Municipal</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">305</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">366</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">162,873</font></p>









</td>
<td style="padding: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">150,813</font></p>









</td>





</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">62,533</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">40,980</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,353,833</font></p>









</td>
<td style="padding: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,014,711</font></p>









</td>





</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Financial expenses and rents</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>





</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Interest, foreign exchange variations and financial instruments</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">75</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">45,637</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,650,376</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,587,027</font></p>









</td>





</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Rents</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,178</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,905</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">113,328</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">96,012</font></p>









</td>





</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Others</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">16,316</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">64,630</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">103,988</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">239,635</font></p>









</td>





</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">20,569</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">115,172</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,867,692</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,922,674</font></p>









</td>





</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Remuneration of own capital</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>





</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Dividends</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">275,971</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">713,482</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">561,151</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">732,945</font></p>









</td>





</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Interest on capital</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">105,590</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>









</td>





</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Retained earnings</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,086,769</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,726,313</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,859,159</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,784,808</font></p>









</td>





</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,362,740</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,439,795</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,525,900</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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: 0px 3.5px; width: 10.78%; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,517,753</font></p>









</td>





</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 44.42%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Value added distributed</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10.24%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,656,043</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 9.96%; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,797,065</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1.3%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">11,053,475</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.3%; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="padding: 0px 3.5px; width: 10.78%; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">9,530,967</font></p>









</td>





</tr>















</table>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The accompanying notes are an integral part of the financial statements.</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'>17</font></font></td>




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</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
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<div>
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>

































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<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>






































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>

































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<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: #000080 !important;"><br></td>

































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<div style="line-height: 1.2;">
<div style="background-color: #002060; margin: 12pt 0pt 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BOperations_1812025121513975" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">1. Operations</font></a></div>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultrapar Participa&#231;&#245;es S.A. (&#8220;Ultrapar&#8221; or &#8220;Company&#8221;) is a publicly-traded company headquartered at the Brigadeiro Lu&#237;s Ant&#244;nio Avenue, 1343 in the city of S&#227;o Paulo &#8211; SP, Brazil, listed on B3 S.A. &#8211; Brasil, Bolsa, Balc&#227;o (&#8220;B3&#8221;), in the Novo Mercado listing segment under the ticker &#8220;UGPA3&#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></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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 on liquefied petroleum gas &#8211; LPG distribution (&#8220;Ultragaz&#8221;), fuel distribution and related businesses (&#8220;Ipiranga&#8221; or &#8220;IPP&#8221;) and storage services for liquid bulk (&#8220;Ultracargo&#8221;). The information on segments is disclosed in Note 25. </font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">These financial statements were authorized for issuance by the Board of Directors on February 26, 2025.</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">a. Principles of consolidation and interest in subsidiaries </font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">a.1 Principles of consolidation</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In the preparation of the consolidated financial statements the investments of one company in another, balances of asset and liability accounts, revenue transactions, costs 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></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Consolidation of a subsidiary begins when the Company obtains direct or indirect control over an entity and ceases when the company loses control. Income and expenses of a subsidiary acquired are included in the consolidated statements of income and of comprehensive income from the date the Company gains control. Income and expenses of a subsidiary, in which the Company loses control, are included in the consolidated statements of income and of comprehensive income until the date the Company loses control.</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Company&#8217;s accounting policies.</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'>18</font></font></td>















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</div>
<div style="width: 8.5in; margin: 0 auto;">
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>
































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<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>





































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>
































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: #000080 !important;"><br></td>
































</tr>


































































</table>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><br></p>
<p style="margin: 2pt 0pt 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold;">a.2 Interest in subsidiaries</font><br><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The consolidated financial statements include the following direct and indirect subsidiaries:</font></p>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 641px;" width="100%">

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<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td colspan="7" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Interest % rounded </font></p>


















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<tr style="height: 15px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















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<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















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<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>


















</td>


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<tr style="height: 15px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Location</font></p>


















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<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Segment</font></p>


















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<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Direct</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Indirect</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Direct</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Indirect</font></p>


















</td>


</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; width: 35%; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ultrapar Mobilidade Ltda.</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; width: 1%; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; width: 10%; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Brazil</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; width: 10%; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ipiranga </font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; width: 1%; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; width: 10%; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; width: 1%; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; width: 10%; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; width: 1%; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; width: 10%; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; width: 1%; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; width: 10%; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>


</tr>
<tr style="height: 31px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt 0pt 0pt 10.45pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Centro de Conveni&#234;ncias Millennium Ltda. and subsidiaries</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Brazil</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ipiranga </font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>


</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10.45pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Neodiesel Ltda.<font style="vertical-align: super; font-size: 7pt;">(1)</font></font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Brazil</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ipiranga</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>


</tr>
<tr style="height: 31px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt 0pt 0pt 17.75pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Serra Diesel Transportador Revendedor Retalhista Ltda.</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Brazil</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ipiranga</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">60</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">60</font></p>


















</td>


</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10.45pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ipiranga Produtos de Petr&#243;leo S.A.<font style="vertical-align: super; font-size: 7pt;">(2)</font></font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Brazil</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ipiranga </font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>


</tr>
<tr style="height: 15px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt 0pt 0pt 10.75pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">am/pm Comest&#237;veis Ltda.</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Brazil</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ipiranga </font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>


</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10.75pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 20.8pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Glazed Brasil S.A.<font style="vertical-align: super; font-size: 7pt;">(3)</font></font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Brazil</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ipiranga </font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">55</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>


</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10.75pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Icorban - Correspondente Banc&#225;rio Ltda.&nbsp;<font style="vertical-align: super; font-size: 7pt;"> (4)</font></font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Brazil</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ipiranga </font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>


</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10.75pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ipiranga Trading Limited</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">British Virgin Islands</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ipiranga </font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>


</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10.75pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Tropical Transportes Ipiranga Ltda.<font style="vertical-align: super; font-size: 7pt;"> (5)</font></font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Brazil</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ipiranga </font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>


</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt 0pt 0pt 10.75pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ipiranga Imobili&#225;ria Ltda.</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Brazil</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ipiranga </font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>


</tr>
<tr style="height: 15px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt 0pt 0pt 10.75pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ipiranga Log&#237;stica Ltda.</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Brazil</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ipiranga </font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>


</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt 0pt 0pt 9.35pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Oil Trading Importadora e Exportadora Ltda.</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Brazil</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ipiranga </font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>


</tr>
<tr style="height: 15px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt 0pt 0pt 10.75pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Iconic Lubrificantes S.A. </font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Brazil</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ipiranga </font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">56</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">56</font></p>


















</td>


</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt 0pt 0pt 10.75pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Integra Frotas Ltda.</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Brazil</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ipiranga </font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>


</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10.75pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Irup&#233; Biocombust&#237;veis Ltda<font style="vertical-align: super;">.</font></font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Brazil</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ipiranga </font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>


</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10.75pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ipiranga Trading North America LLC. <font style="vertical-align: super; font-size: 7pt;">(6)</font></font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">United States</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ipiranga </font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>


</tr>
<tr style="height: 15px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt 0pt 0pt 10.75pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ipiranga Trading Middle East DMCC</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Dubai</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ipiranga </font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>


</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10.75pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ipiranga Trading Europe S.A. <font style="vertical-align: super; font-size: 7pt;">(6)</font></font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Switzerland</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ipiranga </font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>


</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10.75pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ea&#237; Clube Automobilista S.A.<font style="vertical-align: super; font-size: 7pt;">(7)</font></font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Brazil</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ipiranga </font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>


</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt 0pt 0pt 10.75pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 20.8pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Abastece A&#237; Participa&#231;&#245;es S.A.</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Brazil</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ipiranga </font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>


</tr>
<tr style="height: 31px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt 0pt 0pt 39.2pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Abastece A&#237; Clube Automobilista Institui&#231;&#227;o de Pagamento Ltda.</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Brazil</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ipiranga </font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>


</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Companhia Ultragaz S.A.<font style="vertical-align: super; font-size: 7pt;"> (8)</font></font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Brazil</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ultragaz</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">99</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">99</font></p>


















</td>


</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 0pt 0pt 7.35pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ultragaz Participa&#231;&#245;es Ltda.<font style="vertical-align: super; font-size: 7pt;"> (8)</font></font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Brazil</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ultragaz</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>


</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ultragaz Energia Ltda. and subsidiaries</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 22pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Brazil</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ultragaz</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>


</tr>
<tr style="height: 15px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Nova Paran&#225; Distribuidora de G&#225;s Ltda.</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 22pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Brazil</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ultragaz</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>


</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Uting&#225;s Armazenadora S.A.</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Brazil</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ultragaz</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">57</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">57</font></p>


















</td>


</tr>
<tr style="height: 15px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Bahiana Distribuidora de G&#225;s Ltda. </font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Brazil</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ultragaz</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>


</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-indent: 11pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">NEOg&#225;s do Brasil G&#225;s Natural Comprimido S.A<font style="vertical-align: super;">.</font></font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Brazil</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ultragaz</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>


</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Wtz Participa&#231;&#245;es S.A.<font style="vertical-align: super; font-size: 7pt;">(9)</font></font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Brazil</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ultragaz</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">52</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>


</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">UVC Investimentos Ltda.</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Brazil</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Others</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>


</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ultrapar Log&#237;stica Ltda.<font style="vertical-align: super; font-size: 7pt;">(10)</font></font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Brazil</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ultracargo</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>


</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ultracargo Log&#237;stica S.A.</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Brazil</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ultracargo</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">99</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">99</font></p>


















</td>


</tr>
<tr style="height: 15px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt 0pt 0pt 10.75pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 20.8pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ultracargo Solu&#231;&#245;es Log&#237;sticas S.A.</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Brazil</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ultracargo</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; text-indent: 11pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>


</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Ultrapar International S.A.</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Luxembourg</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Others</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>


</tr>
<tr style="height: 15px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Imaven Im&#243;veis Ltda.</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Brazil</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Others</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>


</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font><font style="font-size: 10.6667px;">UVC - Fundo&nbsp;de investimento&nbsp;em participa&#231;&#245;es&nbsp;multiestrat&#233;gia&nbsp;investimento no exterior <sup>(11)</sup></font></font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Brazil</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">Others</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">100</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt;">-</font></p>


















</td>


</tr>





















</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><br></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'>19</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 style="width: 8.5in; margin: 0 auto;">
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>
































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>





































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>
































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: #000080 !important;"><br></td>
































</tr>


































































</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; height: 172px; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 18px;">
<td style="width: 3%; height: 18px; vertical-align: top;" valign="top"><font style="font-size: 8pt;"><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: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; vertical-align: super;">(1)</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: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; vertical-align: super;">&nbsp;</font></font></td>
<td style="width: 97%; height: 18px; text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Company established on May 16, 2024 with the purpose of holding interests in other companies.</font></td>


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<td style="height: 18px; width: 3%; vertical-align: top;" valign="top"><font style="font-size: 8pt;"><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: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; vertical-align: super;">(2)</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: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; vertical-align: super;">&nbsp;</font></font></td>
<td style="height: 18px; width: 97%; text-align: justify; vertical-align: top;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">On January 2, 2024, direct subsidiary&nbsp;</font>Ipiranga<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;</font>Produtos<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;de&nbsp;</font>Petr&#243;leo<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;S.A. (&#8220;</font>Ipiranga<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#8221;) became controlled by&nbsp;</font>Ultrapar<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;</font>Mobilidade<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;</font>Ltda<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">.</font></font></td>


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<td style="height: 17px; width: 3%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(3)</font></td>
<td style="height: 17px; width: 97%; text-align: justify; vertical-align: top;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">Company&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">(&#8220;Krispy&nbsp;Kreme&#8221;)&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">established on March 8, 2024, engaged in the wholesale and retail trade, manufacture, storage, export and import of natural and industrialized food products.</font></font></td>


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<td style="height: 17px; width: 3%; vertical-align: top;" valign="top"><font style="font-size: 8pt;"><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: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; vertical-align: super;">(4)</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: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; vertical-align: super;">&nbsp;</font></font></td>
<td style="height: 17px; width: 97%; text-align: justify; vertical-align: top;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">On August 1, 2024, the merger of the company into&nbsp;</font>Ipiranga<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;was approved.</font></font></td>


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<td style="height: 17px; width: 3%; vertical-align: top;" valign="top"><font style="font-size: 8pt;"><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: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; vertical-align: super;">(5)</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: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; vertical-align: super;">&nbsp;</font></font></td>
<td style="height: 17px; width: 97%; text-align: justify; vertical-align: top;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">On November 1, 2024, the merger of the company into&nbsp;</font>Ipiranga<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;was approved.</font></font></td>


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<td style="height: 17px; width: 3%; vertical-align: top;" valign="top"><font style="font-size: 8pt;"><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: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; vertical-align: super;">(6)</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: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; vertical-align: super;">&nbsp;</font></font></td>
<td style="height: 17px; width: 97%; text-align: justify; vertical-align: top;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">Companies established as&nbsp;Ipiranga&#8217;s&nbsp;subsidiaries in foreign countries</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;(Ipiranga&nbsp;Trading North America LLC. established on February 28, 2024,&nbsp;Ipiranga&nbsp;Trading Europe S.A. established on January 12, 2024)</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">, engaged in the commercial representation, trade, export and import of fuels.</font></font></td>


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<td style="height: 17px; width: 3%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(7)</font></td>
<td style="height: 17px; width: 97%; text-align: justify; vertical-align: top;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">On January 2, 2024, direct subsidiary&nbsp;</font>Ea&#237;<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;</font>Clube<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;</font>Automobilista<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;S.A. started to be controlled by&nbsp;</font>Ipiranga<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">.</font></font></td>


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<td style="height: 17px; width: 3%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(8)</font></td>
<td style="height: 17px; width: 97%; text-align: justify; vertical-align: top;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">On August 1, 2024, the merger of the company into&nbsp;</font>Companhia<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;</font>Ultragaz<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;S.A. was approved, which became direct subsidiary of Ultrapar.</font></font></td>


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<td style="height: 17px; width: 3%; vertical-align: top;" valign="top"><font style="font-size: 8pt;"><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: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; vertical-align: super;">(9)</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: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; vertical-align: super;">&nbsp;</font></font></td>
<td style="height: 17px; width: 97%; text-align: justify; vertical-align: top;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">On September 1, 2024, the Company, through its subsidiary&nbsp;</font>Companhia<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;</font>Ultragaz<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;S.A., acquired a 52% interest in&nbsp;</font>Wtz<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;</font>Participa&#231;&#245;es<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;S.A.</font></font></td>


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<td style="height: 17px; width: 3%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(10)</font></td>
<td style="height: 17px; width: 97%; text-align: justify; vertical-align: top;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">On February 19, 2024, the name of subsidiary </font>Ultracargo Opera&#231;&#245;es Log&#237;sticas<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> e </font>Participa&#231;&#245;es Ltda<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">. was changed to </font>Ultrapar Log&#237;stica Ltda<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; 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;">
<td style="height: 17px; width: 3%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(11)</font></td>
<td style="height: 17px; width: 97%; text-align: justify; vertical-align: top;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">On December 10, 2024, the Company transferred your total shares to UVC Investimentos&nbsp;Ltda</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">.</font></font></td>


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<p style="margin: 0pt;"><br></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">b. Main events that occurred in the year</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-style: italic; font-weight: bold; line-height: inherit;">b.1 </font><font style="font-style: italic; font-weight: bold; line-height: inherit;">Acquisition of significant stake in Hidrovias</font></font><br><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In the year ended December 31, 2024, the Company, through its subsidiary Ultrapar Log&#237;stica, acquired a significant stake in Hidrovias do Brasil S.A. (&#8220;Hidrovias&#8221;), in line with Ultrapar's strategy of expanding its presence in sectors exposed to Brazilian agribusiness, mainly in the Midwest and North regions, investing in companies in which it can contribute strategic, operational, administrative, and financial knowledge, being a strategic and long-term reference shareholder. For further information, see Note 28.a.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-style: italic; font-weight: bold; line-height: inherit;">b.2 </font><font style="font-style: italic; font-weight: bold; line-height: inherit;">Acquisition of interest in Witzler by Ultragaz</font></font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On September 1, 2024, through its subsidiary Ultragaz, the Company acquired a 51.7% interest in Witzler Participa&#231;&#245;es S.A. (&#8220;Witzler&#8221;). The acquisition value was R$ 104,490, of which R$ 49,490 million was contributed to the acquired company through a capital increase and R$ 55,000 was paid considering price adjustments at the closing of the transaction. In addition, there is a portion of R$ 45,384 subject to certain performance conditions to be measured within up to 12 months. For further information, see Note 28.b</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-style: italic; font-weight: bold; line-height: inherit;">b.3 Acquisition </font><font style="font-style: italic; font-weight: bold; line-height: inherit;">of service stations from P&#227;o de A&#231;&#250;car Group by subsidiary Millennium</font></font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On June 10, 2024, through its subsidiary Centro de Conveni&#234;ncias Millenium Ltda., the Company signed a contract for the acquisition of 49 service stations from P&#227;o de A&#231;&#250;car Group, located in the state of S&#227;o Paulo, for R$ 130,000. CADE approved the transaction on July 22, 2024. On August 13, 2024, R$ 90,000 was paid as an advance and no other changes occurred up to December 31, 2024. The closing of the transaction is subject to other precedent conditions.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">b.4 Share buyback program</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On November 28, 2024, the Board of Directors approved the Buyback Program of Shares issued by Ultrapar (&#8220;Program&#8221;).</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Program is limited to the maximum acquisition of 25,000,000 common shares and will be effective for up to 12 months starting on December 2, 2024. For further information, see Note 20.c.</font></p>









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<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
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<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>





































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<td style="width: 55.9738%; height: 17px; border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
<div style="background-color: #002060; margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BBasis_of_preparation_1812025121545903" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">2. Basis of preparation and presentation of individual and consolidated financial statements </font></a></div>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The individual and consolidated financial statements (&#8220;financial statements&#8221;) have been prepared in accordance with the International Financial Reporting Standards (&#8220;IFRS Accounting Standards&#8221;) issued by the International Accounting Standards Board (&#8220;IASB&#8221;) and with the accounting practices adopted in Brazil.</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The accounting practices adopted in Brazil include those in Brazilian corporate law and in the Pronouncements, Guidance and Interpretations issued by the Accounting Pronouncements Committee (&#8220;CPC&#8221;), approved by the Brazilian Federal Accounting Council (&#8220;CFC&#8221;) and the Brazilian Securities and Exchange Commission (&#8220;CVM&#8221;).</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The financial statements were prepared and are presented:</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><br></p>
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<td style="width: 3%; text-align: center; vertical-align: top; padding: 0px;" valign="top"><font style="font-size: 10pt;">a.</font></td>
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<p><font style="font-family: 'times new roman', times; font-size: 10pt;">using consistent accounting policies and practices for&nbsp; Ultrapar and in its subsidiaries all the years presented in these financial statements.</font></p>













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<td style="text-align: center; vertical-align: top; padding: 0px;" valign="top"><font style="font-size: 10pt;">b.</font></td>
<td style="vertical-align: top; padding: 0px; text-align: justify;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">in thousands of Brazilian&nbsp;</font>Reais<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;(&#8220;R$&#8221;), which is the Company&#8217;s functional currency, unless otherwise stated.</font></font></td>













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<td style="text-align: center; vertical-align: top; padding: 0px;" valign="top"><font style="font-size: 10pt;">c.</font></td>
<td style="vertical-align: top; padding: 0px; text-align: justify;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">considering all relevant information of the financial statements, and only this information, which was disclosed and corresponds to that used by the Company&#8217;s and its subsidiaries&#8217; Management.</font></td>













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<td style="text-align: center; vertical-align: top; padding: 0px;" valign="top"><font style="font-size: 10pt;">d.</font></td>
<td style="vertical-align: top; padding: 0px; text-align: justify;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">according to Management&#8217;s judgments, estimates, and assumptions in the application of accounting policies that affect the reported amounts of income, expenses, assets, and liabilities, including contingent liabilities. The uncertainty related to these judgments, assumptions and estimates could lead to results that require a significant adjustment to the carrying amount of certain assets and liabilities in future years.</font></td>













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<td style="text-align: center; vertical-align: top; padding: 0px;" valign="top"><font style="font-size: 10pt;">e.</font></td>
<td style="vertical-align: top; padding: 0px; text-align: justify;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">based the historical cost, except for the following material items recognized in the statements of financial position:</font></td>













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<td style="text-align: center; padding: 1px; width: 3%;"><br></td>
<td style="padding: 0px; height: 17px; width: 2%; text-align: left;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</font></td>
<td style="height: 17px; width: 95%; padding: 0px 0px 0px 5px; text-align: justify;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">derivative and non-derivative financial instruments measured at fair value;</font></td>













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<td style="text-align: center; padding: 1px; width: 3%;"><br></td>
<td style="padding: 0px; height: 17px; text-align: left; width: 2%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</font></td>
<td style="height: 17px; padding: 0px 0px 0px 5px; width: 95%; text-align: justify;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">share-based payments and employee benefits measured at fair value;</font></td>













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<td style="padding: 0px; height: 17px; text-align: left; width: 2%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(iii)</font></td>
<td style="height: 17px; padding: 0px 0px 0px 5px; width: 95%; text-align: justify;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">deemed cost of property, plant and equipment.</font></td>













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<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Material accounting policies</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Accounting policies are presented in their respective notes, except for those described below:</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">a. Foreign currency transactions</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign currency transactions carried out by the Company and its subsidiaries are remeasured into their functional currency at the exchange rate prevailing on the date of each transaction. Outstanding monetary assets and liabilities of the Company and its subsidiaries are translated using the exchange rate on the date of the financial statements. The effect of the difference between those exchange rates is recognized in financial results until the conclusion of each transaction.</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">b. Basis for translation of financial statements of foreign subsidiaries</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">b.1 Subsidiaries without administrative authority</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company has foreign subsidiaries without administrative authority. Assets and liabilities of the other foreign subsidiaries, which do not have administrative authority, are considered an extension of the activities of their parent company and are translated using the exchange rate at the date of the financial statements. Gains and losses resulting from changes in these foreign investments are directly recognized as financial result.</font></p>









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<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
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<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
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<td style="width: 55.9738%; height: 17px; border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
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<p style="margin: 0pt; line-height: 1.2;"><br></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">c. Use of estimates, assumptions and judgments</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The preparation of the financial statements requires the use of estimates, assumptions, and judgments for the accounting and disclosure of certain assets, liabilities, and profit or loss. Therefore, the Company and its 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>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">c.1 Judgments</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Information on the judgments is included in: the determination of control in subsidiaries, the determination of joint control in joint ventures, and the determination of significant influence in associates (Note 11).</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">c.2 Uncertainties related to the assumptions and estimates</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The information regarding uncertainties related to the assumptions and estimates are included in: determining the fair value of financial instruments including derivatives (Notes 4, 15 and 26), the determination of the loss allowance for expected credit losses (Note 5), the determination of provisions for losses of inventories (Note 6), the estimates of realization of deferred IRPJ and CSLL amounts (Note 9), realization amount of tax recoverable (Note 7), the useful lives and discount rate of right-of-use assets (Note 12), the useful lives of property, plant and equipment (Note 13), the useful lives of intangible assets and recoverable value of assets, including goodwill (Note 14), provisions for tax, civil, and labor risks (Note 18), estimates for the preparation of actuarial reports (Note 17), determination of fair value of subscription warrants &#8211; indemnification (Notes 19 and 26), and definition of fair value of the contingent consideration set for the business combination (Note 28). The actual result of the transactions and information may differ from their estimates.</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">d. Impairment of assets</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company and its subsidiaries review the existence of indications of impairment of assets on a quarterly basis. For intangible assets with an indefinite useful life the review is done annually or more frequently when there is an indication that such assets might be impaired. If there is an indication of impairment, 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 assets (cash generating units &#8220;CGU&#8221;). The identified CGUs for the evaluation of impairment are similar to reported segments in financial statements. The recoverable amount of assets or CGUs corresponds to the greater of their fair value net of applicable direct selling expenses and their value in use. </font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The fair value less costs to sell 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: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8195;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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 amount exceeds the fair value of these assets 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 are 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></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As of December 31, 2024, and 2023, the Company and its subsidiaries did not record any losses with impairment of assets.</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><br></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">e. Other assets</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other assets are stated at the lower of cost and realizable value, including, if applicable, interest earned, monetary variations, and foreign exchange variations incurred, less the provisions for losses and, if applicable, adjusted to present value.</font></p>









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<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
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<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
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<td style="width: 55.9738%; height: 17px; border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
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<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><br></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">f. Other liabilities</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other liabilities are stated at known or measurable amounts, including monetary variations, and foreign exchange variations incurred. When applicable, other liabilities are recognized at present value, based on interest rates that reflect the term, currency, and risk of each transaction.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">g. Statements of value added</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The statement of value added (&#8220;DVA&#8221;) has been prepared using information obtained from the same accounting records used to prepare the financial statements and pursuant to the provisions of CPC 09 - Statement of Value Added. The first part of the DVA presents the wealth created by the Company, represented by revenues (gross sales revenue, including taxes levied thereon, other income and the effects of the allowance for expected credit losses), materials purchased from third parties (cost of sales and purchases of materials, energy and third-party services, including taxes levied at the time of the purchase, the effects of impairment and recovery of assets, and depreciation, and amortization) and the value added received from third parties (share of profit of subsidiaries, joint ventures and associates, financial income and other income). The second part of the DVA presents the distribution of wealth among personnel, taxes, fees and contributions, and remuneration of third-party capital and remuneration of own capital. The statements of value added (&#8220;DVA&#8221;) are presented as an integral part of the financial statements as applicable to publicly traded companies in Brazil, according to Law 11,638/07, and as supplemental information for the IFRS Accounting Standards, which does not require the presentation of DVA.</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">h. Statements of cash flows</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company and its subsidiaries present the interest paid on loans, financing, debentures, and leases payable in financing activities and present financial investments, net of redemptions in the investing activities and received dividends in the operating activities.</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="background-color: #002060; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BNew_accounting_1812025121614565" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3. New accounting policies and changes in accounting policies </font></a></div>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company evaluated and, when necessary, applied for the first time the new standards and interpretations issued by the International Accounting Standards Board (IASB) and, on the date the financial statements were authorized for issue, did not identify any significant impacts thereof on the disclosure or reported amounts.</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">These financial statements were prepared using information from Ultrapar and its subsidiaries on the same base date, as well as consistent accounting policies and practices.</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><br></p>
<p style="margin: 0pt 0pt 0pt 18.2pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: -18.2pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-style: italic; font-weight: bold; line-height: inherit;">a.</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-style: italic; font-weight: bold; line-height: inherit;">New accounting policies and changes in accounting policies</font></font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 6pt; break-after: avoid; break-inside: avoid; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">a.1 Accounting policies adopted</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The following new standards, amendments to standards and interpretations of IFRS Accounting Standards issued by the IASB and effective on/after January 1, 2024 had no significant impact on the financial statements for the year ended December 31, 2024:</font></p>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 9.6pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IAS 1 &#8211; Non-current Liabilities with Covenants and Classification of Liabilities as Current or Non-current</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 9.6pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CPC 06 / IFRS 16 (R2) &#8211; Lease Liability in a Sale and Leaseback</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 9.6pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CPC 09 (R1) &#8211; Statement of Value Added</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 9.6pt; orphans: 0; padding-left: 8.4pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IFRS 7/ CPC 03 and IAS 7/ CPC 40 &#8211; Supplier Finance Arrangements</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 9.6pt; orphans: 0; padding-left: 8.4pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IFRS&nbsp;10/ CPC 36 (R3) and IAS 28/ CPC 18 (R2) &#8211; Sale or Contribution of Assets between an Investor and its Associate or Joint venture</font></li>













</ul>
<div>
<p style="margin: 0pt 0pt 6pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">a.2 Accounting policies not adopted</font></p>
<p style="margin: 0pt; 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-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The following new standards, amendments to standards and interpretations of IFRS Accounting Standards issued by the IASB were not adopted since they are not effective in the year ended December 31, 2024. The Company and its subsidiaries plan to adopt these new standards, amendments and interpretations, if applicable, when they become effective, and they do not expect a material impact from their adoption on their future individual and consolidated financial statements.</font></p>










</div>









</div>









<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; line-height: inherit;" class="pageno"><font class='pageno'>23</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 style="width: 8.5in; margin: 0 auto;">
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>
































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>





































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>
































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: #000080 !important;"><br></td>
































</tr>


































































</table>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 9.6pt; orphans: 0; padding-left: 8.4pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IFRS 18/ CPC 26 &#8211; Presentation and Disclosure in Financial Statements</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 9.6pt; orphans: 0; padding-left: 8.4pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IAS 21/ CPC 02 &#8211; The Effects of Changes in Foreign Exchange Rates</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 9.6pt; orphans: 0; padding-left: 8.4pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IFRS 19 &#8211; Subsidiaries without Public Accountability</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 9.6pt; orphans: 0; padding-left: 8.4pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">OCPC 10 &#8211; Carbon Credits</font></li>













</ul>
<div style="background-color: #002060; margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BCash_and_cash_1812025121630430" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">4. Cash and cash equivalents, financial investments, derivative financial instruments and other financial assets</font></a></div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash and cash equivalents comprise bank balances and short-term financial investments with maturities of up to 90 days, readily convertible into known amounts of cash and subject to an insignificant risk of change in value. Cash equivalents are held for the purpose of meeting short-term cash commitments.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments that do not fall under the classification of cash and cash equivalents are presented as financial investments in a separate line item in the statements of financial position.</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The financial assets were classified based on the business model of the Company and its subsidiaries and are disclosed in Note 26. </font></p>
<p style="margin: 0pt; line-height: 1.2;"><br></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">a. Cash and cash equivalents</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 11.35pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Parent</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Consolidated</font></p>


















</td>













</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>


















</td>













</tr>
<tr style="height: 11.35pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 57%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cash and banks</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>













</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In local currency</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">120</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">408</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">211,047</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">77,488</font></p>


















</td>













</tr>
<tr style="height: 11.35pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In foreign currency</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">194,793</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">47,664</font></p>


















</td>













</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Financial investments considered cash equivalents</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>













</tr>
<tr style="height: 11.35pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In local currency</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>













</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Securities and funds in local currency</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,066</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">412,432</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,286,152</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,476,726</font></p>


















</td>













</tr>
<tr style="height: 11.35pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In foreign currency</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>













</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Securities and funds in foreign currency</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">379,601</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">323,810</font></p>


















</td>













</tr>
<tr style="height: 11.35pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total cash and cash equivalents</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,186</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">412,840</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,071,593</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,925,688</font></p>


















</td>













</tr>
































</table>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 12pt;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">b. Financial investments, derivative financial instruments and other financial assets</font></p>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 188px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Parent</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Consolidated</font></p>


















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>


















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 57%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Financial investments</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In local currency</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Securities and funds in local currency</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">320,101</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,271,979</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">82,592</font></p>


















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In foreign currency</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Securities and funds in foreign currency <sup>(a)</sup></font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,854,126</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>


















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Derivative financial instruments and other financial assets at fair value <sup>(b)</sup></font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,607</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">295,637</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">833,986</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,162,283</font></p>


















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total financial investments and derivative financial instruments</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">322,708</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">295,637</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,960,091</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,244,875</font></p>


















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Current</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">20,100</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,553,011</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">292,934</font></p>


















</td>













</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Non-current</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">302,608</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">295,637</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,407,080</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">951,941</font></p>


















</td>













</tr>
































</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 14.2pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: -14.2pt; widows: 0;"><font style="font-family: 'times new roman', times;">(a)<font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal;">&nbsp;&nbsp; </font><font style="font-size: 10pt;">Refers substantially to financial investments made by subsidiary Ultrapar International in Time Deposits.</font></font></p>
<p style="margin: 0pt 0pt 0pt 14.2pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: -14.2pt; widows: 0;"><font style="font-family: 'times new roman', times;">(b)<font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal;">&nbsp;&nbsp; </font><font style="font-size: 9pt;"><font style="font-size: 10pt;">Accumulated gains, net of withholding income tax (see Note 26.f)</font>.</font></font></p>









</div>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><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'>24</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 style="width: 8.5in; margin: 0 auto;">
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>
































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>





































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>
































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: #000080 !important;"><br></td>
































</tr>


































































</table>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><br></p>
<div style="background-color: #002060; margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BTrade_receivable_1812025121645670" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">5. Trade receivables, reseller financing and other receivables (Consolidated)</font></a></div>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade receivables represent amounts receivable for the sale of products and services provided by the Company's subsidiaries and are recorded at the nominal value invoiced on the date of sale.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Reseller financing is provided to promote the renovation and upgrading of service stations, purchase of products, and development of the automotive fuels and lubricants distribution market. The amounts are financed with an average payment term of 12 to 60 months, subject to interest and monetary variation. Remeasurement is carried out at a market rate for working capital loans and is recognized in the financial result.</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Expected credit losses are measured in accordance with the IFRS 9 simplified approach, using a provision matrix based on expected losses for the full balance of trade receivables. The loss allowance for expected credit losses considers the expected losses for the next 12 months, which includes the deterioration or improvement of the customers&#8217; credit quality, considering the customers&#8217; characteristics in each business segment. The expected credit losses are calculated by the expected loss approach, considering the probability of default. Loss rates are determined by the average of advances of receivables through stages of default until full write-off. This calculation includes the credit risk score for each exposure, based on predictive data and credit assessment experience.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The amount of the expected credit losses is deemed by management to be sufficient to cover any loss on realization of trade receivables.</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">a. Trade receivables and reseller financing</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 289px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><font style="font-weight: bold;">Trade receivables</font><font style="font-weight: bold;"> of customers</font></font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>


















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 79%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Domestic customers</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 3,885,310</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 4,183,696</font></p>


















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Domestic customers - related parties (see Note 8)</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 301</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 78</font></p>


















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Foreign customers</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 19,032</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 82,634</font></p>


















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Foreign customers - related parties (see Note 8)</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 8,361</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 3,065</font></p>


















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 3,913,004</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 4,269,473</font></p>


















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(-) Allowance for expected credit losses</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> (345,735)</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> (334,467)</font></p>


















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total - trade receivables of customers</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 3,567,269</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 3,935,006</font></p>


















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Current</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 3,540,266</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 3,921,790</font></p>


















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Non-current</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 27,003</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 13,216</font></p>


















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #ffffff; margin-left: 0.1px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Reseller financing</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #ffffff; margin-left: 0.1px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>


















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Reseller financing &#8211; Ipiranga</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,404,883</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,189,886</font></p>


















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(-) Allowance for expected credit losses</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(126,859)</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(134,383)</font></p>


















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total &#8211; reseller financing</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,278,024</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,055,503</font></p>


















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Current</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">511,979</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">504,862</font></p>


















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Non-current</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">766,045</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">550,641</font></p>


















</td>













</tr>
































</table>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><br></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'>25</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 style="width: 8.5in; margin: 0 auto;">
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>
































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>





































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>
































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: #000080 !important;"><br></td>
































</tr>


































































</table>
<p style="margin: 2pt 0pt 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="margin: 2pt 0pt 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">b. Allowance for expected credit losses &#8211; trade receivables and reseller financing</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Movements in the allowance for expected credit losses of trade receivables and reseller financing are as follows:</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 136px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Trade receivables</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Reseller financing</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Total</font></p>


















</td>













</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; width: 68%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Balance as of December 31, 2022</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; width: 10%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">322,753</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; width: 10%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">173,287</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; width: 10%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">496,040</font></p>


















</td>













</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Additions</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">115,090</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">28,472</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">143,562</font></p>


















</td>













</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Reversals</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(76,762)</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(59,436)</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(136,198)</font></p>


















</td>













</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Write-offs</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(26,614)</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(7,940)</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(34,554)</font></p>


















</td>













</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Balance as of December 31, 2023</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">334,467</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">134,383</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">468,850</font></p>


















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Additions </font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">114,691</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">31,931</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">146,622</font></p>


















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Reversals</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(85,549)</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(37,126)</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(122,675)</font></p>


















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Write-offs</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(17,874)</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,329)</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(20,203)</font></p>


















</td>













</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 18px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Balance as of December 31, 2024</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 18px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">345,735</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 18px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 18px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">126,859</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 18px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 18px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">472,594</font></p>


















</td>













</tr>
































</table>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 11pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The table below presents information on credit risk exposure, resulting from balances of trade receivables and reseller financing.</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 137px;" width="100%">

<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 52.9593%; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&nbsp;</font></p>


















</td>
<td colspan="5" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 22.9823%; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td colspan="5" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 22.9823%; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>


















</td>


















</tr>
<tr style="height: 27px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 52.9593%; height: 27px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 6.99462%; height: 27px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Weighted average rate of expected losses</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.999231%; height: 27px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 6.99462%; height: 27px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Gross accounting balance</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.999231%; height: 27px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 6.99462%; height: 27px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Allowance for expected credit losses</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.999231%; height: 27px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 6.99462%; height: 27px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Weighted average rate of expected losses</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.999231%; height: 27px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 6.99462%; height: 27px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Gross accounting balance</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.999231%; height: 27px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 6.99462%; height: 27px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Allowance for expected credit losses</font></p>


















</td>


















</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 52.9593%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Current</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 6.99462%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">0.55%</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 6.99462%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,289,620</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 6.99462%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 23,517</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 6.99462%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">0.55%</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 6.99462%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,412,278</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 6.99462%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 24,131</font></p>


















</td>


















</tr>
<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 52.9593%; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Less than 30 days</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 6.99462%; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3.14%</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 6.99462%; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 141,756</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 6.99462%; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 4,452</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 6.99462%; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">7.62%</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 6.99462%; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 61,451</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 6.99462%; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 4,683</font></p>


















</td>


















</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 52.9593%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">31-60 days</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 6.99462%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">20.26%</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 6.99462%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 40,402</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 6.99462%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 8,186</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 6.99462%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4.92%</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 6.99462%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 57,753</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 6.99462%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 2,841</font></p>


















</td>


















</tr>
<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 52.9593%; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">61-90 days</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 6.99462%; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">14.96%</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 6.99462%; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 27,360</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 6.99462%; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 4,093</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 6.99462%; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">15.29%</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 6.99462%; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 23,845</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 6.99462%; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 3,646</font></p>


















</td>


















</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 52.9593%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">91-180 days</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 6.99462%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">30.37%</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 6.99462%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 57,289</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 6.99462%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 17,396</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 6.99462%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">32.91%</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 6.99462%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 47,430</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 6.99462%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 15,609</font></p>


















</td>


















</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 52.9593%; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">More than 180 days</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 6.99462%; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">54.49%</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 6.99462%; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 761,460</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 6.99462%; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 414,950</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 6.99462%; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">48.79%</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 6.99462%; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 856,602</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 6.99462%; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 417,940</font></p>


















</td>


















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 52.9593%; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 6.99462%; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 6.99462%; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,317,887</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 6.99462%; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 472,594</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 6.99462%; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 6.99462%; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,459,359</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 0.999231%; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 6.99462%; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 468,850</font></p>


















</td>


















</tr>





































</table>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 11pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">c. Trade receivables - sale of subsidiaries</font></p>
<p style="margin: 2pt 0pt 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 108px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&nbsp;</font></p>


















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Parent</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Consolidated</font></p>


















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>


















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 56%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 9pt;">Sale of subsidiary </font><font style="font-size: 9pt;">Oxiteno</font><font style="font-size: 9pt;">:</font></font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&nbsp;</font></p>


















</td>













</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 9pt;">Receivables from sale of investments <sup>(</sup></font><sup>i)</sup></font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#8208;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#8208;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#8208;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;"> 726,195</font></p>


















</td>













</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(-) Adjustment to present value - sale of investments <sup>(ii)</sup></font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#8208;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#8208;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#8208;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;"> (10,318)</font></p>


















</td>













</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 9pt;">Sale</font><font style="font-size: 9pt;"> of subsidiary </font><font style="font-size: 9pt;">Extrafarma</font><font style="font-size: 9pt;">:</font></font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&nbsp;</font></p>


















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt;">Receivables from sale of investments <sup>(iii)</sup></font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#8208;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;"> 208,487</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#8208;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;"> 208,487</font></p>


















</td>













</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt;">Total - current</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#8208;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;"> 208,487</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#8208;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&nbsp;</font></p>


















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;"> 924,364</font></p>


















</td>













</tr>
































</table>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 11pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><sup>(i)</sup> The balance related to the final installment of the sale of Oxiteno was received in April 2024.</font><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><br></font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><sup>(ii)</sup> The consideration for the sale of Oxiteno was recognized at present value using a discount rate of 6.17%, and fully paid up in April 2024.</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><sup>(iii)</sup> Balance related to the second installment of the Extrafarma sale transaction, received in August 2024, monetarily adjusted by the CDI rate + 0.5% p.a.</font></p>








</div>

















</div>
















</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&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'>26</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 style="width: 8.5in; margin: 0 auto;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div>
<table style="font-size: 10pt; width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman';">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 14pt; font-weight: bold; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>













</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>













</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>













</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom: 1.5pt solid #000080;"><font style="font-family: 'times new roman', times;"><b style="font-size: 13.3333px;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; border-bottom: 1.5pt solid #000080; width: 43.9853%; height: 17px;"><br></td>













</tr>



























</table>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><br></p>


















</div>
<div style="line-height: 1.2;">
<div style="background-color: #002060; margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_1_1812025135921323" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">6. Inventories (Consolidated)</font></a></div>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Inventories are stated at the lower of cost and net realizable value, and 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. The costs are measured using the weighted average cost and include the costs of acquisition and processing directly and indirectly related to the units produced based on the normal capacity of production. </font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">At the reporting date, the net realizable value of inventories is assessed and subsequent events related to price and cost fluctuations are considered, if relevant, and a provision for losses on obsolete or slow-moving inventories may be recognized. Write-offs and reversals are recognized as "Cost of goods sold and services rendered". This classification is made by management with the support of the industrial and operations teams.</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















</td>


















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 79%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Fuels, lubricants and greases</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,009,100</font></p>





















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,367,094</font></p>





















</td>


















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Raw materials</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">373,544</font></p>





















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">282,197</font></p>





















</td>


















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Purchase for future delivery <font style="vertical-align: super; font-size: 8pt; line-height: inherit;">(1)</font></font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">255,001</font></p>





















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">386,281</font></p>





















</td>


















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Consumable materials and other items for resale</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">129,539</font></p>





















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">121,537</font></p>





















</td>


















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Liquefied petroleum gas &#8211; LPG</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">128,098</font></p>





















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">112,100</font></p>





















</td>


















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Properties for resale</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">21,794</font></p>





















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">22,222</font></p>





















</td>


















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,917,076</font></p>





















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,291,431</font></p>





















</td>


















</tr>








































</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="vertical-align: super; font-size: 8pt; line-height: inherit;">(1) </font>Refers substantially to ethanol, biodiesel and advances for fuel acquisition.</font></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Movements in the provision for inventory losses are as follows:</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 90%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2022</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">21,926</font></p>





















</td>





















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Reversal of provision for obsolescence and other losses</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(8,301)</font></p>





















</td>





















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Reversal of provision for adjustment to realizable value</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6,594)</font></p>





















</td>





















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">7,031</font></p>





















</td>





















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Addition to provision for obsolescence and other losses</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,680</font></p>





















</td>





















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Reversal of provision for adjustment to realizable value</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,791)</font></p>





















</td>





















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,920</font></p>





















</td>





















</tr>











































</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><br></p>














</div>













</div>













</div>
<div style="line-height: 1.2;">
<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'>27</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 style="width: 8.5in; margin: 0 auto;">
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>






































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>











































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>






































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom: 1.5pt solid #000080;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; border-bottom: 1.5pt solid #000080; width: 43.9853%; height: 17px;"><br></td>






































</tr>














































































</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="background-color: #002060; margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_2_1812025135946954" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">7. Recoverable taxes (Consolidated)</font></a></div>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">a. Recoverable taxes</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Recoverable taxes are substantially represented by credits of Tax on Goods and Services (&#8220;ICMS&#8221;, the Brazilian VAT), Contribution for Social Security Financing (&#8220;COFINS&#8221;), and Social Integration Program (&#8220;PIS&#8221;).</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















</td>


















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 79%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">ICMS - State VAT (a.1)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,416,708</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,365,128</font></p>





















</td>


















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">PIS and COFINS - Federal VAT (a.2)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,172,417</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,761,262</font></p>





















</td>


















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Others</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 101,152</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 77,249</font></p>





















</td>


















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 4,690,277</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 4,203,639</font></p>





















</td>


















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Current</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,040,008</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,462,269</font></p>





















</td>


















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-current</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,650,269</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,741,370</font></p>





















</td>


















</tr>








































</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 17pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -17pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">a.1</font> The recoverable ICMS net of provision for losses is substantially related to the following operations: </font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 12pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Credits are recognized mainly of the following nature: a) transactions of inputs and outputs of products subject to taxation of the own ICMS; b) interstate outflows of oil-related products, whose ICMS was prepaid by the supplier (Petr&#243;leo Brasileiro S.A. (&#8220;Petrobras&#8221;)); c) refunds of the ICMS-ST (tax substitution) overpaid when the estimated calculation basis used is higher than that of the operation effectively performed. </font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In the second quarter of 2023, with the enactment of Supplementary Law 192/22, the single-phase ICMS levy on LPG, diesel, biodiesel, gasoline, and anhydrous ethanol became effective. Due to the advent of this new calculation modality, the subsidiaries have stopped generating credits related to the refunds of ICMS-ST (tax substitution).</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The amounts of recoverable ICMS are realized through the Company&#8217;s own operations subject to taxes, being a revolving credit, which means that the credits are monthly offset against 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 a term of up to 5 years.</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font><a href="#TOC"></a></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















</td>


















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 90%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Up to 1 year</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">513,494</font></p>





















</td>


















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">From 1 to 2 years</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">472,413</font></p>





















</td>


















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">From 2 to 3 years</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">246,132</font></p>





















</td>


















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">From 3 to 5 years</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">184,669</font></p>





















</td>


















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total recoverable ICMS, net of provision</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,416,708</font></p>





















</td>


















</tr>








































</table>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The provision for ICMS losses, in the amount of R$ 17,116 (R$ 49,732 as of December 31, 2023), relates to tax credit of the subsidiaries whose amounts are not included within the term determined by its internal policies of provisioning.</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">a.2</font> The recoverable PIS and COFINS are substantially related to:</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 12pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">ICMS in the PIS and COFINS calculation basis - </font>The balance of PIS and COFINS includes credits recorded under Laws 10,637/02 and 10,833/03, as well as amounts arising from a STF&#8217;s favorable decision regarding the exclusion of ICMS from the PIS and COFINS calculation basis.</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'>28</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>
<div style="width: 8.5in; margin: 0 auto;">
<div>
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>






































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>











































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>






































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom: 1.5pt solid #000080;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; border-bottom: 1.5pt solid #000080; width: 43.9853%; height: 17px;"><br></td>






































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<a href="#TOC"></a>

</div>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Supplementary Law 192 -</font> On March 11, 2022 Supplementary Law (&#8220;LC&#8221; 192/22&#8221;) was published to reduce the tax burden of the fuel supply chain. Art. 9 of said law established the reduction of the PIS and COFINS tax rates levied on diesel, biodiesel and LPG to zero through December 31, 2022, ensuring at the same time the maintenance of credits taken across the whole supply chain.</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On May 18, 2022, Provisional Act 1,118/22 amended Supplementary Law 192/22 to eliminate the right to take PIS and Cofins credits on purchases of diesel, LPG and biodiesel by end consumers. With the enactment of said Provisional Act, on June 2, 2022, Direct Unconstitutionality Action 7,181 was filed to challenge the provision in MP 1,118/22. On June 21, 2022, the Federal Supreme Court unanimously ratified the decision that considered MP 1,118/22 unconstitutional due to violation of the 90-day principle. Due to such court injunction and the non-conversion of Provisional Act&nbsp;1,118/22 into law, the provisions in LC 192/22, which assured to all legal entities that are part of the fuel supply chain, including the Company&#8217;s subsidiaries, the maintenance of PIS and COFINS credits in connection with those transactions in the period from March 11, 2022 (LC 192/22 publication date) to September 21, 2022 (90 days after the publication of LC 194/22 that restricted the right to take credits on taxpayers), when it became effective. </font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company, through its subsidiaries, has credits in the amount of R$ 1,686,836 (R$ 1,088,303 as of December 31, 2023) from the LC 192/22. These credits were recorded considering the expectation of realization by the Company within a 5-year period from the date of generation, period in which the Company has the ability to use these credits. The estimated realization is updated annually considering the Company's estimated future results. Due to this realization, in the current year, the Company recognized in the line item of cost of products and services sold, additional credits of R$1,071,269 (R$563,000 as of December 31, 2023).</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Management estimates the realization of these credits within up to 5 years from the constitution date, as follows:</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















</td>


















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 90%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Up to 1 year</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,434,055</font></p>





















</td>


















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">From 1 to 2 years</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">746,577</font></p>





















</td>


















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">From 2 to 3 years</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">421,674</font></p>





















</td>


















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">From 3 to 5 years</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">570,111</font></p>





















</td>


















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total recoverable PIS and COFINS</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,172,417</font></p>





















</td>


















</tr>








































</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">b. Recoverable income and social contribution taxes</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Comprise IRPJ and CSLL to be recovered by the Company and its subsidiaries, arising from the tax advances of previous years, as well as referring to lawsuits on the non-levy of IRPJ and CSLL on the monetary variation (SELIC) in the repetition of undue payments. The Company, through its subsidiaries, has a recoverable IRPJ and CSLL balance of R$ 498,067, of which R$ 151,930 recorded as current and R$ 346,137 recorded as non-current (R$ 396,405, of which R$ 171,051 recorded as current and R$ 225,354 recorded as non-current as of December 31, 2023). The Management estimates the realization of these credits within up to 5 years.</font></p>













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</div>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; 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'>29</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 style="width: 8.5in; margin: 0 auto;">
<div style="line-height: 1.2;">
<p style="margin:0pt"><br></p>
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>






































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<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>











































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>






































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom: 1.5pt solid #000080;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; border-bottom: 1.5pt solid #000080; width: 43.9853%; height: 17px;"><br></td>






































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<p style="margin:0pt"><br></p>
















</div>
<div style="line-height: 1.2;">
<div style="background-color: #002060; margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_3_18120251407152" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">8. Related parties</font></a></div>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">a. Parent</font></p>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Assets</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Liabilities</font></p>





















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<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















</td>


















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 57%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Transactions with joint ventures</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 10%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 10%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 10%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 10%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>


















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Qu&#237;mica da Bahia Ind&#250;stria e Com&#233;rcio S.A.</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,875</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,875</font></p>





















</td>


















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>


















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Transactions with subsidiaries</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>


















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ipiranga Produtos de Petr&#243;leo S.A.</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50,548</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">69,118</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">431</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,843</font></p>





















</td>


















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Companhia Ultragaz S.A.</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">28,588</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">18,741</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,761</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">880</font></p>





















</td>


















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultracargo Log&#237;stica S.A.</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,860</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,369</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">183</font></p>





















</td>


















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ea&#237; Clube Automobilista S.A. </font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,008</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">621</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">78</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>


















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">am/pm Comest&#237;veis Ltda.</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,079</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,994</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">232</font></p>





















</td>


















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Others</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">739</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">269</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">124</font></p>





















</td>


















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Transactions with associates</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>


















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Hidrovias do Brasil S.A.</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">227</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>


















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;">Total</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">94,049</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">95,112</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">5,175</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">8,137</font></p>





















</td>


















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>


















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other receivables/payables</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">86,973</font></p>





















</td>
<td style="vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">88,435</font></p>





















</td>
<td style="vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,300</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,262</font></p>





















</td>


















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Related parties</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,076</font></p>





















</td>
<td style="vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,677</font></p>





















</td>
<td style="vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,875</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,875</font></p>





















</td>


















</tr>








































</table>
<p style="margin: 0pt; text-align: right;"><br></p>

















</div>
<div style="line-height: 1.2;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">b. Consolidated</font></p>
<p style="margin: 2pt 0pt 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><br></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Balances and transactions between the Company and its 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 highlighted below:</font></p>
<p style="margin: 0pt; text-align: justify;"><br></p>














</div>













</div>













</div>
<div style="line-height: 1.2;">
<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'>30</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 style="width: 8.5in; margin: 0 auto;">
<div style="line-height: 1.2;">
<div>
<p style="margin:0pt"><br></p>
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>






































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>











































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>






































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom: 1.5pt solid #000080;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; border-bottom: 1.5pt solid #000080; width: 43.9853%; height: 17px;"><br></td>






































</tr>














































































</table>
















<a href="#TOC"></a>
</div>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><br></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 414px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Assets</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Liabilities</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Operating result - </font><font style="font-weight: bold; line-height: inherit;">Sales/(</font><font style="font-weight: bold; line-height: inherit;">Purchases)</font></font></p>





















</td>





















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















</td>





















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 35%; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Transactions with subsidiaries and joint ventures</font></p>





















</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>





















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>





















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Transactions with joint ventures</font></p>





















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>





















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Refinaria de Petr&#243;leo Riograndense S.A.</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,846</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">29,278</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(457,885)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(510,510)</font></p>





















</td>





















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Latitude Log&#237;stica Portu&#225;ria S.A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,862</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11,393</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>





















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Navegantes Log&#237;stica Portu&#225;ria S.A.</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">29,406</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,703</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>





















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Others</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,943</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,874</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,875</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,917</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">851</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">571</font></p>





















</td>





















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>





















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Transactions with associates</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>





















</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Hidrovias do Brasil S.A.</font></p>





















</td>
<td style="vertical-align: bottom; height: 10px; text-align: right; padding: 0px 4px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">416</font></p>





















</td>
<td style="vertical-align: bottom; height: 10px; text-align: right; padding: 0px 4px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 10px; text-align: right; padding: 0px 4px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="vertical-align: bottom; height: 10px; text-align: right; padding: 0px 4px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 10px; text-align: right; padding: 0px 4px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="vertical-align: bottom; height: 10px; text-align: right; padding: 0px 4px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 10px; text-align: right; padding: 0px 4px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="vertical-align: bottom; height: 10px; text-align: right; padding: 0px 4px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 10px; text-align: right; padding: 0px 4px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding: 0px 4px; vertical-align: bottom; height: 10px; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 10px; text-align: right; padding: 0px 4px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>





















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>





















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Transactions with other related parties</font></p>





















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>





















</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Chevron Oronite Brasil Ltda.&nbsp;<font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(1)</font></font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,434</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">53,466</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(195,925)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(175,053)</font></p>





















</td>





















</tr>
<tr style="height: 18px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Chevron Products Company<font style="vertical-align: super; line-height: inherit; font-size: 8pt;"> (1)</font></font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">159,432</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">63,263</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(745,812)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(370,137)</font></p>





















</td>





















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Others</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,760</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,065</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,449</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,626</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,718)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(13,157)</font></p>





















</td>





















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>





















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">57,387</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">35,035</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">187,036</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">150,570</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(1,402,489)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(1,068,286)</font></p>





















</td>





















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>





















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade receivables (Note 5)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,662</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,143</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>





















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other receivables</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">416</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>





















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade payables (Note 16)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">183,520</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">147,452</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>





















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Related parties</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">48,309</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">31,892</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,516</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,118</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>





















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Sales and services provided</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">21,125</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,779</font></p>





















</td>





















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Purchases</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,423,614)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,083,065)</font></p>





















</td>





















</tr>











































</table>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><br></p>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit;"><font style="font-size: 8pt;">(1)</font> </font>Non-controlling shareholders and other related parties of Iconic.</font></p>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>


















</div>
<div style="line-height: 1.2;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Purchase and sale transactions relate substantially to the purchase of raw materials, feedstock, transportation, and storage services based on prices and terms negotiated between the parties, with customers and suppliers with comparable operational performance.</font></p>
<p style="margin: 0pt; text-align: justify;"><br></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">c. Key executives (Consolidated)</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Ultrapar&#8217;s compensation policy and practices are designed to align short and long-term interests with shareholders and the Company&#8217;s sustainability. The short and long-term variable compensation is linked to growth goals in results and generated economic value, aligned with shareholders&#8217; interests. Variable compensation also directs the professionals&#8217; focus to the strategic plan approved by the Board of Directors, and is linked to annual growth targets in financial results and priority matters for the Company. For details about post-employment benefits see Note 17.b.</font></p>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The expenses for compensation of its key executives (Company&#8217;s directors and executive officers) are shown below: </font></p>
<p style="margin: 0pt 0pt 0pt 14.2pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 90px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















</td>


















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 79%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Short-term compensation</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">51,814</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">54,396</font></p>





















</td>


















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Stock compensation</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">62,952</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">35,165</font></p>





















</td>


















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Post-employment benefits</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,767</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,206</font></p>





















</td>


















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Termination benefits</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,007</font></p>





















</td>


















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">119,533</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">94,774</font></p>





















</td>


















</tr>








































</table>


















</div>
<div style="line-height: 1.2;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</div>













</div>













</div>
<div style="line-height: 1.2;">
<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'>31</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 style="width: 8.5in; margin: 0 auto;">
<div style="line-height: 1.2;">
<p style="margin:0pt"><br></p>
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>






































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>











































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>






































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom: 1.5pt solid #000080;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; border-bottom: 1.5pt solid #000080; width: 43.9853%; height: 17px;"><br></td>






































</tr>














































































</table>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 9.6pt; orphans: 0; padding-left: 4.6pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2017 Plan</font></li>


















</ul>
<p style="margin: 0pt 0pt 12pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On April 19, 2017, the Ordinary and Extraordinary General Shareholders&#8217; Meeting (&#8220;OEGM&#8221;) approved a share-based incentive plan (&#8220;2017 Plan&#8221;), which establishes the general terms and conditions for granting common shares issued by the Company and held in treasury, that may or may not involve the granting of usufruct of part of these shares for later transfer of the ownership of the shares, with vesting periods determined in each Program, to directors or employees of the Company or its subsidiaries. </font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As a result of the Plan approved in 2017, common shares representing at most 1% of the Company's share capital could be delivered to the participants, which corresponded, at the date of approval of this Plan, to 11,128,102 common shares.</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">At the OEGM held on April 19, 2023, the 2017 Plan was amended, permitting that, if the participant becomes a member of the Company's Board of Directors, thus ceasing to hold any other executive position, the right to receive ownership of the shares will be preserved, maintaining the conditions and other requirements established in the applicable programs and in each agreement. </font></p>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 9.6pt; orphans: 0; padding-left: 4.6pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2023 Plan</font></li>





















</ul>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The share-based incentive plan ("2023 Plan") establishes the general terms and conditions for the Company or its subsidiaries to grant common shares issued by them and held in treasury, to the Management, including the members of Ultrapar's Board of Directors, or employees of the Company or of companies under its direct or indirect control, that may involve the granting of usufruct for later transfer of the ownership of the shares, subject to the terms and conditions set forth in the 2023 Plan. In the case of members of the Board of Directors, the grants will be mandatorily linked to the remuneration approved by the shareholders at the Ordinary General Shareholders&#8217; Meeting.</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As a result of the 2023 Plan, common shares representing at most 5% of the Company's share capital may be delivered to the participants, which corresponded, at the date of approval of said Plan, to 55,760,215 common shares. Annually, a maximum of 1% of this limit may be used.</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><br></p>


















</div>
<div style="line-height: 1.2;">
<p style="margin: 0pt 0pt 12pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The table below summarizes the restricted and performance stock programs under the 2017 Plan and the 2023 Plan:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 326px; width: 100%;" width="100%">

<tr style="height: 22px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.02%; height: 22px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Program</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 19.1%; height: 22px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Grant date</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10.26%; height: 22px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Number of shares granted (Quantity)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 12.02%; height: 22px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Vesting period</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 22px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Fair value of shares on the grant date (in</font><font style="font-weight: bold; line-height: inherit;">&nbsp;</font><font style="font-weight: bold; line-height: inherit;">R$)</font></font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 9.26%; height: 22px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total exercisable grant costs, including taxes (in R$ thousands)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 22px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 22px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Accumulated recognized exercisable grant costs (in R$ thousands)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 22px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 13.4%; height: 22px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Unrecognized exercisable grant costs (in R$ thousands)</font></p>





















</td>


















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.02%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Restricted</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 19.1%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">September 2, 2019</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10.26%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 240,000</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 12.02%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2025</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">16.42</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 9.26%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 6,774</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (6,024)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 13.4%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 750</font></p>





















</td>


















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.02%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Restricted</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 19.1%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">April 1, 2020</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10.26%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 39,084</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 12.02%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2025</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12.53</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 9.26%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,124</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (1,074)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 13.4%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 50</font></p>





















</td>


















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.02%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Performance</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 19.1%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">April 1, 2020</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10.26%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 55,074</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 12.02%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2025</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12.53</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 9.26%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,324</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (1,268)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 13.4%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 56</font></p>





















</td>


















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.02%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Restricted</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 19.1%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">September 16, 2020</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10.26%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 140,000</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 12.02%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2026</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">23.03</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 9.26%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 5,464</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (3,946)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 13.4%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,518</font></p>





















</td>


















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.02%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Restricted</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 19.1%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">September 22, 2021</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10.26%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,000,000</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 12.02%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2027</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14.17</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 9.26%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 24,093</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (13,339)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 13.4%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 10,754</font></p>





















</td>


















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.02%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Restricted</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 19.1%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">April 6, 2022</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10.26%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 634,165</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 12.02%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2025</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14.16</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 9.26%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 16,906</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (15,508)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 13.4%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,398</font></p>





















</td>


















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.02%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Performance</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 19.1%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">April 6, 2022</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10.26%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,007,324</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 12.02%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2025</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14.16</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 9.26%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 26,829</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (24,802)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 13.4%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,027</font></p>





















</td>


















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.02%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Restricted</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 19.1%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">September 21, 2022</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10.26%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,640,000</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 12.02%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2032</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12.98</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 9.26%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 64,048</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (14,945)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 13.4%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 49,103</font></p>





















</td>


















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.02%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Restricted</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 19.1%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">December 7, 2022</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10.26%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,500,000</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 12.02%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2032</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13.47</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 9.26%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 37,711</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (7,860)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 13.4%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 29,851</font></p>





















</td>


















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.02%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Restricted</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 19.1%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">April 20, 2023</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10.26%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 311,324</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 12.02%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2025</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14.50</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 9.26%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 7,472</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (6,538)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 13.4%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 934</font></p>





















</td>


















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.02%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Restricted</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 19.1%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">April 20, 2023</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10.26%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,146,194</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 12.02%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2026</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14.50</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 9.26%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 31,039</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (18,129)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 13.4%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 12,910</font></p>





















</td>


















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.02%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Performance</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 19.1%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">April 20, 2023</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10.26%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,156,903</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 12.02%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2026</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14.50</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 9.26%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 31,320</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (18,410)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 13.4%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 12,910</font></p>





















</td>


















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.02%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Restricted</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 19.1%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">September 20, 2023</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10.26%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,800,000</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 12.02%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2033</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">18.75</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 9.26%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 132,784</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (17,712)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 13.4%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 115,072</font></p>





















</td>


















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.02%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Restricted</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 19.1%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">April 17, 2024</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10.26%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,495,953</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 12.02%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2027 to 2029</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">26.94</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 9.26%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 177,651</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (31,656)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 13.4%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 145,995</font></p>





















</td>


















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.02%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Restricted</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 19.1%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">June 19, 2024</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10.26%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 60,683</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 12.02%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2027</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">21.47</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 9.26%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,468</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (411)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 13.4%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,057</font></p>





















</td>


















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.02%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Restricted</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 19.1%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">October 1, 2024</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10.26%; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,295,000</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 12.02%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2034</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">23.10</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 9.26%; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 55,785</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (1,395)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 13.4%; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 54,390</font></p>





















</td>


















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10.26%; height: 16px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 18,521,704</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 12.02%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 9.26%; height: 16px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 622,792</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.26%; height: 16px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (183,017)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.18%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 13.4%; height: 16px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 439,775</font></p>





















</td>


















</tr>








































</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</div>













</div>













</div>
<div style="line-height: 1.2;">
<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'>32</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 style="width: 8.5in; margin: 0 auto;">
<div style="line-height: 1.2;">
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>





































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>










































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>





































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom: 1.5pt solid #000080;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; border-bottom: 1.5pt solid #000080; width: 43.9853%; height: 17px;"><br></td>





































</tr>












































































</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><br></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 8.5pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 89%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Number of shares as of December 31, 2022</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 8,934,704</font></p>





















</td>





















</tr>
<tr style="height: 8.5pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Shares granted during the year</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 6,930,871</font></p>





















</td>





















</tr>
<tr style="height: 8.5pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cancellation of granted shares due to termination of executive employment</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (583,180)</font></p>





















</td>





















</tr>
<tr style="height: 8.5pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Shares transferred (vesting)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (447,800)</font></p>





















</td>





















</tr>
<tr style="height: 8.5pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Number of shares as of December 31, 2023</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 14,834,595</font></p>





















</td>





















</tr>
<tr style="height: 8.5pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Shares granted during the year</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 5,061,396</font></p>





















</td>





















</tr>
<tr style="height: 8.5pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cancellation of granted shares due to termination of executive employment</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (139,105)</font></p>





















</td>





















</tr>
<tr style="height: 8.5pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Shares transferred (vesting)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (1,235,182)</font></p>





















</td>





















</tr>
<tr style="height: 8.5pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Number of shares as of December 31, 2024</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 18,521,704</font></p>





















</td>





















</tr>











































</table>
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 108%; margin: 0pt 0pt 8pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company does not have shares that were not transferred after the period for transfer of the ownership of the shares. For the year ended December 31, 2024, an expense in the amount of R$ 112,277 was recognized in relation to the Plan (R$ 70,770 for the year ended December 31, 2023).</font></p>
<p style="font-size: 10pt; line-height: 108%; margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">For all plans, settlements are made only with the delivery of treasury shares. The values of the grants were determined on the granting date based on the market value of these shares on B3 (the Brazilian Stock Exchange).&nbsp;</font></p>

















</div>
<div style="line-height: 1.2;">
<div style="background-color: #002060; margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_4_181202514039915" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">9. Income and social contribution taxes</font></a></div>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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. For the calculation of current IRPJ, the value of tax incentives is also considered. At the end of the fiscal year the portion of the profit corresponding to these investment grants is allocated to the constitution of a tax incentive reserve in subsidiaries&#8217; equity and is excluded from the dividend calculation basis and subsequently capitalized. Taxes are recognized based on the rates of IRPJ and CSLL provided for by the laws enacted on the last day of the financial statements. The current rates in Brazil are 25% for IRPJ and 9% for CSLL.</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Deferred IRPJ and CSLL are recognized when a temporary difference between the tax and accounting balances exists, given that tax credits and debits are not subject to the statute of limitations, and mainly result from provisions for differences between cash and accrual basis, tax loss carryforwards, leasing operations , negative bases and provisions for tax, civil, and labor risks. Deferred tax assets are sustained by the continued profitability of their operations.</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">For purposes of disclosure, deferred tax assets were offset against deferred tax liabilities, in the same taxable entity.</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On December 27, 2024, Law 15,079 was published, which introduce the Additional of CSLL to adapt Brazilian legislation to the GloBE Rules aligning the country to Pillar 2 of the BEPS of OECD.This guideline establishes a minimum global tax rate of 15% for multinationals with annual revenues exceeding &#8364; 750 million.</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Management assessed and concluded that no relevant effects on the Company's financial statements are expected.</font></p>














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<div style="line-height: 1.2;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><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'>33</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="width: 8.5in; margin: 0 auto;">
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>






































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<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>











































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>






































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom: 1.5pt solid #000080;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; border-bottom: 1.5pt solid #000080; width: 43.9853%; height: 17px;"><br></td>






































</tr>














































































</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><br></p>
<p style="margin: 2pt 0pt 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">a. Deferred income (IRPJ) and social contribution taxes (CSLL)</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 474px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>





















</td>


















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















</td>


















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; width: 57%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Assets - deferred income and social contribution taxes on:</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>


















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Provision for losses with assets</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">41,467</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">46,863</font></p>





















</td>


















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Provisions for tax, civil and labor risks</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">67,261</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">64,486</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">188,495</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">326,662</font></p>





















</td>


















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Provision for post-employment benefits</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">516</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">512</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">76,166</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">90,451</font></p>





















</td>


















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Provision for differences between cash and accrual basis <font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(i)</font></font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19,483</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">35,989</font></p>





















</td>


















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Goodwill</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,317</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,976</font></p>





















</td>


















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Provision for asset retirement obligation</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,472</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,759</font></p>





















</td>


















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Operating provisions</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,366</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,247</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">60,120</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">299,609</font></p>





















</td>


















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Provision for profit sharing and bonus</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,246</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12,590</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">76,880</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">91,883</font></p>





















</td>


















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Leases payable</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,961</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,919</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">499,988</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">518,138</font></p>





















</td>


















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Change in fair value of subscription warrants</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,566</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,566</font></p>





















</td>


















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Provision for deferred revenue</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">450</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">932</font></p>





















</td>


















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other temporary differences</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">21,762</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,428</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">115,753</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">104,319</font></p>





















</td>


















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Tax losses and negative basis for social contribution carryforwards</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">51,339</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">77,453</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">510,780</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">396,601</font></p>





















</td>


















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">158,451</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">174,201</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,613,371</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,937,748</font></p>





















</td>


















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Offsetting liability balance</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(15,821)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(9,934)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(676,430)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(682,614)</font></p>





















</td>


















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net balances presented in assets</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">142,630</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">164,267</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">936,941</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,255,134</font></p>





















</td>


















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Liabilities - Deferred income and social contribution taxes on:</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>


















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Leases payable</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,586</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,559</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">406,173</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">432,908</font></p>





















</td>


















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Provision for differences between cash and accrual basis (i)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,375</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">194,846</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">81,293</font></p>





















</td>


















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Change in fair value of subscription warrants</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,611</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,611</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>


















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Goodwill/negative goodwill on investments</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">28,771</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">28,717</font></p>





















</td>


















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Business combination - fair value of assets</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">52,781</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">54,921</font></p>





















</td>


















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other temporary differences</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,624</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">119,073</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">84,981</font></p>





















</td>


















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15,821</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,934</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">809,255</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">682,820</font></p>





















</td>


















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Offsetting asset balance</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(15,821)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(9,934)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(676,430)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(682,614)</font></p>





















</td>


















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net balances presented in liabilities</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">132,825</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">206</font></p>





















</td>


















</tr>








































</table>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(i)</font> In the consolidated refers mainly to the income and social contribution taxes on foreign exchange variation of the derivative instruments.</font></p>













</div>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><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'>34</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 style="width: 8.5in; margin: 0 auto;">
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>






































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>











































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>






































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom: 1.5pt solid #000080;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; border-bottom: 1.5pt solid #000080; width: 43.9853%; height: 17px;"><br></td>






































</tr>














































































</table>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Changes in the net balance of deferred IRPJ and CSLL are as follows:</font></p>
<p style="margin: 0pt 0pt 0pt 14.2pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 176px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; text-align: center; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; text-align: center; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; text-align: center; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>





















</td>


















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 79%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2022 (net)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px; width: 10%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">150,451</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px; width: 1%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px; width: 10%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">897,936</font></p>





















</td>


















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Deferred IRPJ and CSLL recognized in profit (loss) for the year</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,784</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">335,375</font></p>





















</td>


















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Deferred IRPJ and CSLL recognized in other comprehensive income</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">32</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">21,474</font></p>





















</td>


















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Others</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">143</font></p>





















</td>


















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023 (net)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">164,267</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,254,928</font></p>





















</td>


















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Deferred IRPJ and CSLL recognized in profit (loss) for the year</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(21,530)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(360,953)</font></p>





















</td>


















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Deferred IRPJ and CSLL recognized on company acquisition</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(71,815)</font></p>





















</td>


















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Deferred IRPJ and CSLL recognized in other comprehensive income</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(107)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(18,178)</font></p>





















</td>


















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Others</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">134</font></p>





















</td>


















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024 (net)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">142,630</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">804,116</font></p>





















</td>


















</tr>








































</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The estimated recovery of the deferred tax assets relating to IRPJ and CSLL is shown as follows:</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; text-align: center;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>





















</td>


















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 79%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Up to 1 year</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">35,378</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">467,926</font></p>





















</td>


















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1 to 2 years</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">23,293</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">140,138</font></p>





















</td>


















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2 to 3 years</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19,398</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">428,331</font></p>





















</td>


















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3 to 5 years</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">43,449</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">162,940</font></p>





















</td>


















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5 to 7 years</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">36,742</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">224,590</font></p>





















</td>


















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7 to 10 years</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">191</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">189,446</font></p>





















</td>


















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total deferred tax assets relating to IRPJ and CSLL</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">158,451</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,613,371</font></p>





















</td>


















</tr>








































</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The balances of R$158,451 in the parent and R$1,613,371 in the consolidated were supported by the technical study on taxable profit projections for the realization of deferred tax assets. The taxable profit projections from business plans of each segment of the Company which indicates trends and perspectives, demand effects, competition and other economic factors, and that represent management&#8217;s best estimate about the economic conditions existing during the period of realization of the deferred tax asset, were taken into account. </font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The main key assumptions used to calculate the realization of deferred tax assets are: growth in Gross Domestic Product (&#8220;GDP&#8221;), exchange rate, basic interest rate (SELIC) and DI, inflation rate and commodity price index.&nbsp;</font></p>













</div>

















</div>
<div style="line-height: 1.1;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&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'>35</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 style="width: 8.5in; margin: 0 auto;">
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>






































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>











































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>






































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom: 1.5pt solid #000080;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; border-bottom: 1.5pt solid #000080; width: 43.9853%; height: 17px;"><br></td>






































</tr>














































































</table>
<p style="margin: 2pt 0pt 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="margin: 2pt 0pt 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">b. Reconciliation of income and social contribution taxes in the statement of income</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IRPJ and CSLL are reconciled to the statutory tax rates as follows:</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 271px; width: 100%;" width="100%">

<tr style="height: 14px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>





















</td>


















</tr>
<tr style="height: 14px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















</td>


















</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 57%; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Income before taxes</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,397,487</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,452,652</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,011,517</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,578,695</font></p>





















</td>


















</tr>
<tr style="height: 14px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Statutory tax rates - %</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">34</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">34</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">34</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">34</font></p>





















</td>


















</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Income and social contribution taxes at the statutory tax rates</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(815,146)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(833,902)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,363,916)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,216,756)</font></p>





















</td>


















</tr>
<tr style="height: 14px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Adjustment to the statutory income and social contribution taxes:</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>


















</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Nondeductible expenses</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,973)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,019)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(14,729)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(11,535)</font></p>





















</td>


















</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Nontaxable revenues <font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(i)</font></font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">418</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,409</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">26,755</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">114,981</font></p>





















</td>


















</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Adjustment to estimated income</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,807</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,173</font></p>





















</td>


















</tr>
<tr style="height: 14px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unrecorded deferred income and social contribution tax carryforwards</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(25,884)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(205,794)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(36,227)</font></p>





















</td>


















</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Share of profit (loss) of subsidiaries, joint ventures and associates</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">809,203</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">846,771</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(44,090)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,049</font></p>





















</td>


















</tr>
<tr style="height: 14px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest on capital between subsidiaries</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">35,901</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>


















</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other adjustments</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(365)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(32,116)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(15,861)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(26,666)</font></p>





















</td>


















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Income and social contribution taxes before tax incentives</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(34,747)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(12,857)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,579,927)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,169,981)</font></p>





















</td>


















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Tax incentives &#8211; SUDENE <font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(ii)</font></font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">94,310</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">109,039</font></p>





















</td>


















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Income and social contribution taxes in the statement of income</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(34,747)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(12,857)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,485,617)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,060,942)</font></p>





















</td>


















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Current</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(13,217)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(26,641)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,124,664)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,396,317)</font></p>





















</td>


















</tr>
<tr style="height: 14px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Deferred</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(21,530)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,784</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(360,953)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">335,375</font></p>





















</td>


















</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Effective IRPJ and CSLL rates - %</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1.4</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.5</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">37.0</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">29.6</font></p>





















</td>


















</tr>








































</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&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: 10.6667px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; 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: 0px 0px 10px; text-align: justify;"><font style="line-height: inherit;">Consist of gains and income not taxable &#8203;under applicable tax legislation, such as reimbursement of taxes, tax incentives, installments and reversal of certain provisions, as well as recovery of tax credits and amounts related to non-taxation of the income and social contribution taxes on the monetary variation (SELIC) in the repetition of undue tax lawsuits.</font></td>


















</tr>
<tr>
<td style="vertical-align: top;" valign="top"><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: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</font></td>
<td style="text-align: justify;"><font style="text-align: justify;">Certain subsidiaries have the benefit of income tax reduction for belonging to the sectors of the economy considered priority for the subsidized areas, with a 75% decrease in the income tax basis.</font></td>


















</tr>





































</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><br></p>
<p style="margin: 2pt 0pt 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-style: italic; font-weight: bold; line-height: inherit;">c.</font><font style="font-style: italic; font-weight: bold; line-height: inherit;"> Tax losses and negative basis for social contribution carryforwards </font></font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As of December 31, 2024, the Company and certain subsidiaries had tax loss carryforwards related to income tax (IRPJ) and social contribution (CSLL), whose annual offsets are limited to 30% of taxable income in a given tax year, and do not expire.</font></p>













</div>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><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'>36</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 style="width: 8.5in; margin: 0 auto;">
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>






































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>











































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>






































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom: 1.5pt solid #000080;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; border-bottom: 1.5pt solid #000080; width: 43.9853%; height: 17px;"><br></td>






































</tr>














































































</table>
<p style="margin: 0pt; text-align: justify;"><br></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The balances comprising deferred taxes related to income tax loss carryforwards and negative basis of social contribution are as follows:</font></p>
<p style="margin: 2pt 0pt 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















</td>





















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 79%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Oil Trading</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 77,155</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 84,372</font></p>





















</td>





















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultrapar</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 51,339</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 77,453</font></p>





















</td>





















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Abastece a&#237; Clube</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 91,861</font></p>





















</td>





















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ipiranga</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 300,409</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 97,071</font></p>





















</td>





















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultracargo Solu&#231;&#245;es Log&#237;stica</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 33,553</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 30,652</font></p>





















</td>





















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Others</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 48,324</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 15,192</font></p>





















</td>





















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 510,780</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 396,601</font></p>





















</td>





















</tr>











































</table>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The balances which are not constituted of deferred taxes related to income tax loss carryforwards and negative basis of social contribution are as follows:</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















</td>





















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 79%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Neog&#225;s</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 45,286</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 45,333</font></p>





















</td>





















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Integra Frotas</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 18,927</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 13,335</font></p>





















</td>





















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Stella</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 15,686</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 8,634</font></p>





















</td>





















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Millennium</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 11,650</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 8,539</font></p>





















</td>





















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Abastece a&#237; <font style="font-size: 8pt;"><sup>1</sup></font></font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 126,900</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>





















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Others</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 6,374</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 461</font></p>





















</td>





















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 224,823</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 76,302</font></p>





















</td>





















</tr>











































</table>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><br></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-size: 8pt;"><sup>1</sup></font> As of December 31, 2024, the Company reversed the deferred taxes recorded on tax loss carryforwards related to income tax (IRPJ) and social contribution (CSLL) of the subsidiary, based on projections of future realization. </font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">d. Non-levy of IRPJ/CSLL on the update by Selic of tax undue payments received from the Federal Government </font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company and its subsidiaries have lawsuits claiming the non-levy of IRPJ and CSLL on monetary variation (SELIC) on tax credits. On September 27, 2021, the Federal Supreme Court judged that the levy of IRPJ and CSLL on amounts related to monetary variation received by taxpayers in the repetition of undue tax payments is unconstitutional. The Company and its subsidiaries have registered credits of this nature in the amount of R$ 141,147 as of December 31, 2024 (R$ 143,147 as of December 31, 2023).</font></p>













</div>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><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'>37</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 style="width: 8.5in; margin: 0 auto;">
<div style="line-height: 1.1;">
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>






































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>











































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>






































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom: 1.5pt solid #000080;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; border-bottom: 1.5pt solid #000080; width: 43.9853%; height: 17px;"><br></td>






































</tr>














































































</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><br></p>
<div style="background-color: #002060; margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_5_18120251416146" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">10. Contractual assets with customers - exclusivity rights (Consolidated)</font></a></div>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Refers to exclusivity rights reimbursements of Ipiranga&#8217;s agreements with reseller service stations that are recognized at the time of their occurrence and amortized according to the conditions established in the agreement. Amortizations are recognized in profit or loss as reductions of sales revenue.</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


















</div>
<div style="line-height: 1.2;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Changes are shown below:</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 144px; width: 100%;" width="100%">

<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 90%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2022</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,205,591</font></p>





















</td>


















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Additions</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">664,363</font></p>





















</td>


















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Amortization</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(607,446)</font></p>





















</td>


















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,262,508</font></p>





















</td>


















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Additions</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">424,477</font></p>





















</td>


















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Amortization</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(555,083)</font></p>





















</td>


















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,131,902</font></p>





















</td>


















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Current</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">658,571</font></p>





















</td>


















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-current</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,473,331</font></p>





















</td>


















</tr>








































</table>


















</div>
<div style="line-height: 1.1;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="background-color: #002060; margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_6_181202514122914" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">11. Investments in subsidiaries, joint ventures and associates </font></a></div>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy</font></p>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments in subsidiaries are accounted for under the equity method of accounting in the parent&#8217;s individual financial statements. 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.</font></p>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments in associates and joint ventures are accounted for under the equity method of accounting in the 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 establishes that decisions about the relevant activities of the investee require the consent from the parties that share control.</font></p>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other investments are stated at acquisition cost less provision for losses, unless the loss is considered temporary.</font></p>













</div>













</div>













</div>
<div style="line-height: 1.1;">
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><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'>38</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>
<div style="width: 8.5in; margin: 0 auto;">
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>






































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>











































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>






































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom: 1.5pt solid #000080;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; border-bottom: 1.5pt solid #000080; width: 43.9853%; height: 17px;"><br></td>






































</tr>














































































</table>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The table below presents the positions of equity and income (loss) for the year by company:</font></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 353px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td colspan="5" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent</font></p>





















</td>





















</tr>
<tr style="height: 29px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 29px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 39px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Equity </font></p>





















</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 39px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Income (loss) for the year </font></p>





















</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 39px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Interest in share capital - % (*)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 29px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 29px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Investments/ Provision for equity deficiency</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 29px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 29px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Share of profit (loss) of subsidiaries, joint ventures and associates</font></p>





















</td>





















</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















</td>





















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 28%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Subsidiaries</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>





















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultrapar Log&#237;stica Ltda.</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,266,345</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">253,128</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,266,345</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,745,326</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">253,128</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">308,672</font></p>





















</td>





















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ipiranga Produtos de Petr&#243;leo S.A. <font style="font-size: 8pt;"><sup>(v)</sup></font></font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; text-align: right; padding: 0px 4px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,216,020</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,409,687</font></p>





















</td>





















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultrapar International S.A.</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(68,530)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(13,680)</font></p>





















</td>
<td style="padding: 0px 4px; vertical-align: bottom; height: 16px; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(68,530)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(54,850)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(13,680)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">21,795</font></p>





















</td>





















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">UVC (vii)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,112)</font></p>





















</td>
<td style="padding: 0px 4px; vertical-align: bottom; height: 16px; background-color: #cceeff; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">39,917</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,112)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(7,047)</font></p>





















</td>





















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Centro de Conveni&#234;ncias Millennium Ltda. <font style="font-size: 8pt;"><sup>(iv)</sup></font></font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="vertical-align: bottom; height: 16px; text-align: right; padding: 0px 4px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(5,249)</font></p>





















</td>





















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ea&#237; Clube Automobilista S.A. (Note 1.a.2)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; text-align: right; padding: 0px 4px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">168,602</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(53,311)</font></p>





















</td>





















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultragaz Participa&#231;&#245;es Ltda. <font style="font-size: 8pt;"><sup>(vi)</sup></font></font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">372,263</font></p>





















</td>
<td style="vertical-align: bottom; height: 16px; text-align: right; padding: 0px 4px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,004,960</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">372,263</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">808,696</font></p>





















</td>





















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Companhia Ultragaz S.A.</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,106,850</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">513,966</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">99.99</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,106,687</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">513,890</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>





















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">UVC Investimentos Ltda.</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">47,702</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">516</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">47,702</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(862)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">516</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(935)</font></p>





















</td>





















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Imaven Im&#243;veis Ltda. (ii)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">64,917</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,121</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">64,917</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">52,796</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,121</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,866</font></p>





















</td>





















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultrapar Mobilidade Ltda. <font style="font-size: 8pt;"><sup>(*) (iii) (v)</sup></font></font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,407,480</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,282,578</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,407,480</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">59,403</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,282,578</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,297)</font></p>





















</td>





















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Joint ventures</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>





















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Qu&#237;mica da Bahia Ind&#250;stria e Com&#233;rcio S.A.</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,637</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(319)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,319</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,478</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(158)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(41)</font></p>





















</td>





















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Refinaria de Petr&#243;leo Riograndense S.A. <font style="font-size: 8pt;"><sup>(i)</sup></font></font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,081</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(83,097)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">33.14</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,016</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">31,553</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(27,537)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,668</font></p>





















</td>





















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>





















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total (A)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">14,829,936</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">12,266,343</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,380,009</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,490,504</font></p>





















</td>





















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total provision for equity deficit (B)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(68,530)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(55,712)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>





















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total investments (A-B)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">14,898,466</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">12,322,055</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>





















</tr>











































</table>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table 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: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; width: 816px; margin-left: 0.1px; font-family: 'times new roman';">

<tr>
<td style="vertical-align: top; width: 24px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(*)</font></td>
<td style="width: 778px;"><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: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Amounts adjusted for unrealized profits in equity and income for the year.</font></td>








</tr>
<tr>
<td valign="top" style="vertical-align: top; width: 24px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</font></td>
<td style="width: 778px;"><font style="text-indent: -18.9333px;">Investment considers capital loss balances of R$ 9,666 as of December 31, 2024 (R$ 10,627 as of December 31, 2023).</font></td>








</tr>
<tr>
<td valign="top" style="vertical-align: top;"><font style="font-size: 8pt;"><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: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;">&nbsp;</font></font></td>
<td style="text-align: justify;"><font style="text-indent: -18.9333px; line-height: inherit;">On April 28, 2023, Imaven Im&#243;veis Ltda. carried out a partial spin-off of its equity, where the spun-off portion was merged into subsidiary Ipiranga Produtos de Petr&#243;leo S.A. On May 1, 2023, Ultrapar acquired the total shares of Imaven Im&#243;veis Ltda. of its subsidiary Ipiranga Produtos de Petr&#243;leo S.A.</font></td>








</tr>
<tr>
<td valign="top" style="vertical-align: top;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(iii)&nbsp;</font></td>
<td><font style="text-align: justify; text-indent: -19.6667px;">Company established on February 28, 2023 with the purpose of holding interests in other companies.</font></td>








</tr>
<tr>
<td valign="top" style="vertical-align: top;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(iv)</font></td>
<td style="text-align: justify;"><font style="text-indent: -19.6667px;">(iv)	On October 2, 2023, the Company transferred all shares in Centro de Conveni&#234;ncias Millennium Ltda. to its subsidiary Ultrapar Mobilidade Ltda., as a capital contribution.</font></td>








</tr>
<tr>
<td valign="top" style="vertical-align: top;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(v)</font></td>
<td style="text-align: justify;"><font style="text-indent: -19.6667px;">On January 2, the Company transferred all shares in&nbsp;</font>Ipiranga<font style="text-indent: -19.6667px;">&nbsp;</font>Produtos<font style="text-indent: -19.6667px;">&nbsp;de&nbsp;</font>Petr&#243;leo<font style="text-indent: -19.6667px;">&nbsp;S.A. to its subsidiary&nbsp;</font>Ultrapar<font style="text-indent: -19.6667px;">&nbsp;</font>Mobilidade<font style="text-indent: -19.6667px;">&nbsp;</font>Ltda<font style="text-indent: -19.6667px;">., as capital contribution.</font></td>








</tr>
<tr>
<td valign="top" style="vertical-align: top;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(vi)</font><br></td>
<td><font style="text-align: justify; text-indent: -19.6667px;">On August 1, 2024,&nbsp;</font>Ultragaz<font style="text-align: justify; text-indent: -19.6667px;">&nbsp;</font>Participa&#231;&#245;es<font style="text-align: justify; text-indent: -19.6667px;">&nbsp;</font>Ltda<font style="text-align: justify; text-indent: -19.6667px;">. merged its equity into the equity of subsidiary&nbsp;</font>Companhia<font style="text-align: justify; text-indent: -19.6667px;">&nbsp;</font>Ultragaz<font style="text-align: justify; text-indent: -19.6667px;">&nbsp;S.A.</font></td>








</tr>
<tr>
<td valign="top" style="vertical-align: top;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(vii)&nbsp;</font></td>
<td><font style="text-align: justify;">On December 1, 2024, the Company transferred all of its shares to subsidiary UVC&nbsp;</font>Investimentos<font style="text-align: justify;">&nbsp;</font>Ltda<font style="text-align: justify;">.</font></td>








</tr>




















</table>
<p style="margin: 0pt 0pt 0pt 14.2pt; 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-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: -14.2pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;</font></font></p>













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<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'>39</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>
<div style="width: 8.5in; margin: 0 auto;">
<div style="line-height: 1.1;">
<table style="font-size: 10pt; width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman';">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 14pt; font-weight: bold; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>













</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>













</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>













</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom: 1.5pt solid #000080;"><font style="font-family: 'times new roman', times;"><b style="font-size: 13.3333px;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; border-bottom: 1.5pt solid #000080; width: 43.9853%; height: 17px;"><br></td>













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

<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td colspan="5" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>





















</td>





















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Equity </font></p>





















</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Income (loss) for the year </font></p>





















</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Interest in share capital - % (*)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Investments/ Provision for equity deficiency</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Share of profit (loss) of subsidiaries, joint ventures and associates</font></p>





















</td>





















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















</td>





















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<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 28%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Joint ventures</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>





















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Uni&#227;o Vopak &#8211; Armaz&#233;ns Gerais Ltda.</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">540</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,460)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">270</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,550</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(730)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,694</font></p>





















</td>





















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Refinaria de Petr&#243;leo Riograndense S.A.</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,081</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(83,097)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">33.14</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,015</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">31,553</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(27,537)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,668</font></p>





















</td>





















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Latitude Log&#237;stica Portu&#225;ria S.A.</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,449</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(7,555)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,225</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,002</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,777)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,636)</font></p>





















</td>





















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Navegantes Log&#237;stica Portu&#225;ria S.A.</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">22,093</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(25,417)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">33.33</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,364</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15,836</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(8,472)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(7,413)</font></p>





















</td>





















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Nordeste Log&#237;stica I S.A. </font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">17,878</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(513)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">33.33</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,959</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,071</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(171)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">730</font></p>





















</td>





















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Nordeste Log&#237;stica II S.A. </font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">56,347</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,698</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">33.33</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">18,782</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">17,216</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,566</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,199)</font></p>





















</td>





















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Nordeste Log&#237;stica III S.A. </font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">54,991</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,478</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">33.33</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">18,330</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">18,004</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">493</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">967</font></p>





















</td>





















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Qu&#237;mica da Bahia Ind&#250;stria e Com&#233;rcio S.A.</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,637</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(319)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,319</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,478</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(159)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(42)</font></p>





















</td>





















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Terminal de Combust&#237;veis Paul&#237;nia S.A. ("Opla") (i)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">119,388</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,324</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">59,694</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">54,155</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,162</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,071</font></p>





















</td>





















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other investments</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">281</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">349</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>





















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Associates</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>





















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Hidrovias do Brasil S.A. (ii)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,203,135</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(229,904)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">41.94</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">504,629</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(94,842)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>





















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Transportadora Sulbrasileira de G&#225;s S.A.</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,994</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,812</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">25.00</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,498</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,978</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,704</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,043</font></p>





















</td>





















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Metal&#250;rgica Plus S.A.</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,045)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(276)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">33.33</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(349)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(256)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(91)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(99)</font></p>





















</td>





















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Plenog&#225;s Distribuidora de G&#225;s S.A.</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,124</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,010</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">33.33</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,041</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">497</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">672</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">124</font></p>





















</td>





















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other investments</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">41</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">33</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>





















</tr>
<tr style="height: 5.65pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>





















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Goodwill on investments (*)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>





















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Terminal de Combust&#237;veis Paul&#237;nia S.A. ("Opla")</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">117,306</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">158,634</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>





















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Hidrovias do Brasil S.A.</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">775,044</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>





















</tr>
<tr style="height: 5.65pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>





















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Fair value adjustment on investments</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>





















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Terminal de Combust&#237;veis Paul&#237;nia S.A. ("Opla")</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">38,835</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,493)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>





















</tr>
<tr style="height: 5.65pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>





















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Advances for </font><font style="font-weight: bold; line-height: inherit;">acquisition</font></font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>





















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Advances - P&#227;o de A&#231;&#250;car Group stations (iii)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">90,000</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>





















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<tr style="height: 5.65pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>





















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Advance for future capital increase</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>





















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Hidrovias do Brasil S.A. (v)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">500,000</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>





















</tr>
<tr style="height: 5.65pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>





















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total (A)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,148,284</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">318,100</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(129,675)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">11,908</font></p>





















</td>





















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total provision for equity deficit (B)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(349)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(256)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8208;</font></p>





















</td>





















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total investments (A-B)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,148,633</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">318,356</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>





















</tr>











































</table>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


















</div>
<div style="line-height: 1.2;">
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 5%; vertical-align: top;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(*)</font></td>
<td style="width: 95%;"><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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">For more information on the accounting policy, see Note 14.a.</font></td>








</tr>
<tr>
<td style="width: 5%; vertical-align: top;" valign="top"><font style="font-size: 8pt;"><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: -19.6667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -19.6667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;">&nbsp;</font></font><br></td>
<td style="width: 95%;"><font style="text-indent: -19.6667px;">Subsidiary&nbsp;</font>Ultracargo<font style="text-indent: -19.6667px;">&nbsp;</font>Log&#237;stica<font style="text-indent: -19.6667px;">&nbsp;S.A. acquired a 50% interest in&nbsp;</font>Opla<font style="text-indent: -19.6667px;">&nbsp;on July 1, 2023. The purchase price allocation (PPA) was completed in June 2024. For further information, see Note 28.</font></td>








</tr>



























</table>
<p style="margin: 0pt 0pt 0pt 14.75pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: -14.75pt; widows: 0;"><br></p>














</div>













</div>













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<div style="line-height: 1.2;">
<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'>40</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>


















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<div style="line-height: 1.2;">
<table style="font-size: 10pt; width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman';">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 14pt; font-weight: bold; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>













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<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>













</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>













</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom: 1.5pt solid #000080;"><font style="font-family: 'times new roman', times;"><b style="font-size: 13.3333px;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; border-bottom: 1.5pt solid #000080; width: 43.9853%; height: 17px;"><br></td>













</tr>



























</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></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: 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: -19.6667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</font></td>
<td style="width: 97%; text-align: justify;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Hidrovias</font><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: -19.6667px;">&nbsp;is engaged in logistics and waterway, highway and multimodal infrastructure activities in Brazil and abroad. As of May 2024, date on which the Company began to hold significant influence in&nbsp;</font><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Hidrovias</font><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: -19.6667px;">, the share of profit (loss) of the associate is recorded with a 2-month lag, as it was not feasible to consolidate the figures at the time of acquisition and since then the Company has maintained consistency in its disclosures. For further information, see Note 28.a.</font></td>










</tr>
<tr>
<td style="vertical-align: top;" valign="top"><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: start; text-indent: -19.6667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(iii)</font></td>
<td style="text-align: justify;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: -19.6667px;">The amount refers to the advance for the acquisition of P&#227;o de A&#231;&#250;car Group service stations by subsidiary Centro de Conveni&#234;ncias Millenium Ltda. For further information, see Note 1.b.3</font></td>










</tr>
<tr>
<td style="vertical-align: top;" valign="top"><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: start; text-indent: -19.6667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(iv)</font></td>
<td style="text-align: justify;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: -19.6667px;">The amount refers to the advance for future capital increase of&nbsp;</font>Hidrovias<font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: -19.6667px;">, made by subsidiary&nbsp;</font>Ultrapar<font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: -19.6667px;">&nbsp;</font>Log&#237;stica<font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: -19.6667px;">&nbsp;</font>Ltda<font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: -19.6667px;">. For further information, see Note 28.a</font></td>










</tr>





















</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><br></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The financial position and income of subsidiaries which have relevant non-controlling interests is shown below:</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td colspan="8" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>





















</td>





















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Proportion of interest in share capital and voting rights held by non-controlling interests</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Equity attributable to non-controlling interests</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Income allocated to non-controlling interests for the year</font></p>





















</td>





















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















</td>





















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 38%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Subsidiaries</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">%</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">%</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>





















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Iconic Lubrificantes S.A.</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">44%</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">44%</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">484,986</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">477,710</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">135,428</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">72,505</font></p>





















</td>





















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">WTZ Participa&#231;&#245;es S.A.</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">48%</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">116,249</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">25,082</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>





















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other investments</font></p>





















</td>
<td style="vertical-align: middle;">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">63,491</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">45,621</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,650</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,453</font></p>





















</td>





















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 30pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 1.15pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">664,726</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">523,331</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">163,160</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">77,958</font></p>





















</td>





















</tr>











































</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The summarized financial information of the associates and joint ventures relevant for the Company is presented below. The individual financial statements of these entities may differ from the financial information presented here, which is prepared considering Ultrapar's accounting policies and using the most recent financial information available.&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 170px; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">10/31/2024</font></p>





















</td>

</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Joint ventures</font></p>





















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Associate</font></p>





















</td>

</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">RPR</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Opla</font></p>





















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 16px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Hidrovias do Brasil S.A.</font></p>





















</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff; width: 68%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total assets</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,069,063 </font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 182,810 </font></p>





















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 16px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,591,401 </font></p>





















</td>

</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total liabilities</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,062,982 </font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 63,422 </font></p>





















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,388,266 </font></p>





















</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Equity</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 6,081 </font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 119,388 </font></p>





















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,203,135 </font></p>





















</td>

</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net revenue</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,177,747 </font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 60,281 </font></p>





















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> -&nbsp;&nbsp; </font></p>





















</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net income (loss) for the year</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (83,097)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 8,324 </font></p>





















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (229,904)</font></p>





















</td>

</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Number of shares or units held</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,719,491</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">16,957,908</font></p>





















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">318,925,700</font></p>





















</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest in share capital - %</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">33.14</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00</font></p>





















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">41.94</font></p>





















</td>

</tr>























</table>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font><a href="#TOC"></a></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















</td>


















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Joint ventures</font></p>





















</td>


















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">RPR</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Opla</font></p>





















</td>


















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 79%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total assets</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 844,959 </font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 190,626 </font></p>





















</td>


















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total liabilities</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 717,926 </font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 82,315 </font></p>





















</td>


















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Equity</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 127,033 </font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 108,311 </font></p>





















</td>


















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net revenue</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,954,931 </font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 35,117 </font></p>





















</td>


















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net income (loss) for the year</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 20,899 </font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 8,141 </font></p>





















</td>


















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Number of shares or units held</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,078,888</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">33,915,815</font></p>





















</td>


















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest in share capital - %</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">33.14</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00</font></p>





















</td>


















</tr>








































</table>


















</div>
<div style="line-height: 1.2;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</div>













</div>













</div>
<div style="line-height: 1.2;">
<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'>41</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 style="width: 8.5in; margin: 0 auto;">
<p style="margin:0pt"><br></p>
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>






































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>











































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>






































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom: 1.5pt solid #000080;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; border-bottom: 1.5pt solid #000080; width: 43.9853%; height: 17px;"><br></td>






































</tr>














































































</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Balances and changes in investments in subsidiaries, joint ventures and associates are as follows:</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 465px; width: 100%;" width="100%">

<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td colspan="5" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td colspan="8" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>





















</td>





















</tr>
<tr style="height: 22px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 22px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 22px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Subsidiaries</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 22px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 22px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Joint ventures</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 22px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 22px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 22px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 22px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Joint ventures</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 22px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 22px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Associates</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 22px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 22px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Advances</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 22px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 22px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Advances for future capital increase</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 22px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total</font></p>





















</td>





















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 23%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2022 <font style="font-size: 8pt;"><sup>(i)</sup></font></font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 10%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12,141,736</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 10%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">28,705</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 10%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12,170,441</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 10%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">106,843</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 10%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,384</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 10%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 10%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">111,227</font></p>





















</td>





















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Share of profit (loss) of subsidiaries, joint ventures and associates <font style="font-size: 8pt; line-height: inherit;">(*)</font></font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,482,877</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,627</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,490,504</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,840</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,068</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11,908</font></p>





















</td>





















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dividends</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,782,516)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,196)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,784,712)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(11,072)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,200)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(13,272)</font></p>





















</td>





















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Equity instrument granted <font style="font-size: 8pt;"><sup>(ii)</sup></font></font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,598</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,598</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">899</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">899</font></p>





















</td>





















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Accumulated other comprehensive income</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(7,163)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">895</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6,268)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>





















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital increase in cash</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">422,886</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">422,886</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>





















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Shareholder transactions - changes of interest</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">168</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">168</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>





















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Acquisition of Imaven Im&#243;veis Ltda.</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">60,930</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">60,930</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>





















</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Acquisition of Terminal de Combust&#237;veis Paul&#237;nia S.A. ("Opla")</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">210,096</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">210,096</font></p>





















</td>





















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital decrease</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,093,204)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,093,204)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,100)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,100)</font></p>





















</td>





















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other movements</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">342</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">342</font></p>





















</td>





















</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023 <font style="font-size: 8pt;"><sup>(i)</sup></font></font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 12,231,312</font></p>





















</td>
<td style="height: 18px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 35,031</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12,266,343</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 313,848</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 4,252</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 318,100</font></p>





















</td>





















</tr>
<tr style="height: 18px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Share of profit (loss) of subsidiaries, joint ventures and associates<font style="font-size: 8pt;"><sup> (*)</sup></font></font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,407,704</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(27,695)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,380,009</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(34,625)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(92,557)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: bottom; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(127,182)</font></p>





















</td>





















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Amortization of fair value adjustments</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,493)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,493)</font></p>





















</td>





















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dividends</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,169,912)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,169,912)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,196)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,196)</font></p>





















</td>





















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Equity instrument granted <font style="font-size: 8pt;"><sup>(ii)</sup></font></font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">29,587</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">29,587</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,540</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,540</font></p>





















</td>





















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Accumulated other comprehensive income</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">62,272</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,427)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">59,845</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,427)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">37,458</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">35,031</font></p>





















</td>





















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Tax incentive reserve</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,699</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,699</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>





















</td>





















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital increase in cash</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,124,230</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,124,230</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">42,985</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">42,985</font></p>





















</td>





















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital increase in shares</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">133,552</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">133,552</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>





















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital decrease in shares</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(522)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(522)</font></p>





















</td>





















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Advances for investments - GPA stations</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">90,000</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">90,000</font></p>





















</td>





















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Acquisition of shares of Hidrovias do Brasil S.A.</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">647,201</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">647,201</font></p>





















</td>





















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Transfers of financial assets to investments <font style="font-size: 8pt;"><sup>(iii)</sup></font></font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">645,333</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">645,333</font></p>





















</td>





















</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Advance for future capital increase <font style="font-size: 8pt;"><sup>(iv)</sup></font></font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">500,000</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">500,000</font></p>





















</td>





















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other movements</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">157</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">426</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">583</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">599</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,112)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(513)</font></p>





















</td>





















</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024 <font style="font-size: 8pt;"><sup>(i)</sup></font></font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 14,824,601</font></p>





















</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 5,335</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,829,936</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 274,380</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,283,904</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 90,000</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 500,000</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,148,284</font></p>





















</td>





















</tr>











































</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></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"><font class='pageno'>42</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>
<div style="width: 8.5in; margin: 0 auto;">
<p style="margin:0pt"><br></p>
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>





































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>










































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>





































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom: 1.5pt solid #000080;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; border-bottom: 1.5pt solid #000080; width: 43.9853%; height: 17px;"><br></td>





































</tr>












































































</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></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: 8pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(*)</font></td>
<td style="width: 97%;"><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: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Adjusted for unrealized profits between subsidiaries.</font></td>








</tr>
<tr>
<td style="width: 3%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -19.6667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</font><br></td>
<td style="width: 97%;"><font style="text-indent: -19.6667px;">Investments in subsidiaries, joint ventures and associates net of provision for equity deficit.</font></td>








</tr>
<tr>
<td style="vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -19.6667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</font></td>
<td><font style="text-indent: -19.6667px;">Amounts refer to grants of long-term incentives in subsidiaries Ultrapar Mobilidade, Ultragaz Participa&#231;&#245;es and Ultrapar Log&#237;stica.</font></td>








</tr>
<tr>
<td style="vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -19.6667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(iii)</font></td>
<td><font style="text-indent: -19.6667px;">Amounts refer to the acquisition of stake in Hidrovias do Brasil S.A. For further details, see Note 28.a.</font></td>








</tr>
<tr>
<td style="vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -19.6667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(iv)</font></td>
<td style="text-align: justify;"><font style="text-indent: -19.6667px; font-size: 10pt; line-height: inherit;">Amounts refer to the advance for future capital increase made in December 2024 by subsidiary Ultrapar Log&#237;stica Ltda. in Hidrovias do Brasil S.A.</font></td>








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<br></div>
<div style="line-height: 1.2;">
<div style="background-color: #002060; margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="B1_181202517531588" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">12. Right-of-use assets and leases payable (Consolidated)</font></a></div>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company and its subsidiaries recognized in the statement of financial position right-of-use assets and the respective lease liabilities initially measured at the present value of future lease payments, discounted by the incremental loan rate of the Company, considering the related contract costs. Right-of-use assets include amounts related to port area lease grants. </font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The remeasurement of assets and liabilities based on the contractual index is recognized in the statement of financial position, not having an effect on the result. In case of cancellation of the contract, the assets and respective liabilities are written off to the result, considering, if it is the case, any penalties provided in contractual clauses. The Company and its subsidiaries have no intention of purchasing the underlying asset.</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The amortization expenses of right-of-use assets are recognized in the statement of income over the lease contract term. When the right-of-use asset is used in the construction of the property, plant, and equipment (&#8220;PP&amp;E&#8221;), its amortization is capitalized until the asset under construction is completed. The liability is increased for interest and decreased by lease payments made. The interest is recognized in the statement of income using the effective interest rate method. </font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">For short-term leases of 12 months or less and lease contracts of low-value assets, which do not have a purchase option at the end of the contract the Company and its subsidiaries recognize the lease expense in the statement of income as incurred over the lease term.</font></p>






























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<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><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'>43</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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<table style="font-size: 10pt; width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman';">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 14pt; font-weight: bold; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>






















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<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>






















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</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="font-size: 13.3333px;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: #000080 !important;"><br></td>






















</tr>













































</table>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><br></p>







































</div>
<div style="line-height: 1.2;">
<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-alpha;">
<li style="font-family: Aptos; font-size: 12pt; font-style: italic; font-weight: bold; margin: 2pt 0pt 0pt 14pt; orphans: 0; padding-left: 7.3pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Right-of-use assets</font></li>






































</ol>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 27.6pt; orphans: 0; padding-left: 8.4pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Consolidated</font></li>











































</ul>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 99.9193%; height: 293px;" width="100%">

<tr style="height: 63px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 63px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 63px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Weighted average useful life (years)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 63px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 63px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Balance as of 12/31/2023</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 63px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 63px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Additions and remeasurement (i)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 63px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 63px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Write-offs</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 63px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 63px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Transfers <sup>(ii)</sup></font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 63px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 63px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Amortization</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 63px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 63px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Balance as of 12/31/2024</font></p>











































</td>






































</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 26%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cost:</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>






































</tr>
<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real estate</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 9</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,998,866</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 196,194</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (207,945)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,987,115</font></p>











































</td>






































</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Port areas</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 32</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 314,964</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,025</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 26,750</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 343,739</font></p>











































</td>






































</tr>
<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Vehicles</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 270,388</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 143,043</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (56,337)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 357,094</font></p>











































</td>






































</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Equipment</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 38,278</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 5,958</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (10,591)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 33,645</font></p>











































</td>






































</tr>
<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Others</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 20</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 27,846</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 27,846</font></p>











































</td>






































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,650,342</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 347,220</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (274,873)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 26,750</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,749,439</font></p>











































</td>






































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Accumulated amortization:</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>






































</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real estate</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (753,198)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 131,716</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (4,402)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
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</td>
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
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</td>
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</td>
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</td>
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</td>
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</td>
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</td>
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</td>






































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<tr style="height: 15px;">
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</td>
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
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</td>
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</td>
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</td>
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</td>
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</td>
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</td>






































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</td>
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</td>
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</td>
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</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
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</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
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</td>
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</td>
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</td>






































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<tr style="height: 16px;">
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</td>
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</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 16px;">
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</td>
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</td>
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</td>
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</td>
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</td>
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</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (1,078,115)</font></p>











































</td>






































</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net amount</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,711,526</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 347,220</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (97,710)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 22,348</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (312,060)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,671,324</font></p>











































</td>






































</tr>


















































































</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 35.45pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: -18pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-size: 8pt;"><sup>(i)</sup></font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;</font>Considers R$ 342,332 referring to additions and remeasurements between right-of-use assets and leases payable.</font></p>
<p style="margin: 0pt 0pt 0pt 28.45pt; break-after: avoid; break-inside: avoid; text-indent: -11pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-size: 8pt;"><sup>(ii)</sup></font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;"><sup>&nbsp;</sup></font>Refers to the amortization of the right of use, which is being capitalized as Construction in progress until the beginning of its operation. Additionally, the cost includes the advance balance of the grant of Macei&#243; carried out in IPP.<br></font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 100.04%;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 29.0169%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Weighted average useful life (years)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Balance as of 12/31/2022</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Additions and remeasurement</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Write-offs</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Transfers</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Amortization</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Acquisition of subsidiary</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Balance as of 12/31/2023</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 29.0169%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cost:</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1.01695%; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1.01695%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="vertical-align: middle; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 29.0169%;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real estate</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1.01695%;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,019,898</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 140,245</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (165,551)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 4,274</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,998,866</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 29.0169%;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Port areas</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">29</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 1.01695%;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 311,174</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,790</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 314,964</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 29.0169%;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Vehicles</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1.01695%;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 186,455</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 120,705</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (71,781)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 35,009</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 270,388</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 29.0169%;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Equipment</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 1.01695%;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 26,345</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 12,910</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (1,973)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 996</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 38,278</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 29.0169%;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Others</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1.01695%;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 27,846</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 27,846</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 29.0169%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 1.01695%;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,571,718</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 277,650</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (239,305)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 40,279</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,650,342</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 29.0169%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Accumulated amortization:</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1.01695%;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 29.0169%;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real estate</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 1.01695%;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (634,688)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 95,896</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (4,491)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (209,522)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (393)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (753,198)</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 29.0169%;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Port areas</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1.01695%;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (36,773)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (7,847)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
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</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%;">
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</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (44,620)</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 29.0169%;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Vehicles</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
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</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 1.01695%;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (83,902)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 63,708</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
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</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (80,661)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (9,112)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (109,967)</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 29.0169%;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Equipment</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1.01695%;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (2,850)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,974</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (4,151)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (157)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (5,184)</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 29.0169%;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Others</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 1.01695%;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (22,128)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (3,719)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (25,847)</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 29.0169%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1.01695%;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (780,341)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 161,578</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (4,491)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (305,900)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (9,662)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (938,816)</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 29.0169%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net amount</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 1.01695%;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,791,377</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 277,650</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (77,727)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (4,491)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (305,900)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 30,617</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1.01695%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 8%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,711,526</font></p>






























</td>






























</tr>





























































</table>






























</div>
<div style="line-height: 1.2;"><br></div>





























</div>





























</div>
<div style="line-height: 1.2;">
<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'>44</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 style="width: 8.5in; margin: 0 auto;">
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="line-height: 1.2;">
<table style="font-size: 10pt; width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman';">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 14pt; font-weight: bold; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>






















</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>






















</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>






















</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-style: solid; border-bottom-width: 2px; margin-left: 0.1px; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="font-size: 13.3333px;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-style: solid; border-bottom-width: 2px; margin-left: 0.1px; border-bottom-color: #000080 !important;"><br></td>






















</tr>













































</table>
<p style="margin: 0px; text-align: right; text-indent: 0px;"><br></p>







































</div>
<div style="line-height: 1.2;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">b. Leases payable</font></p>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The changes in leases payable are shown below:</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 90%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2022</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,523,769</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest accrued</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 143,005</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Payments of leases</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (213,527)</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest payment</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (145,586)</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Additions and remeasurement</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 257,201</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Write-offs</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (71,569)</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Acquisition of subsidiary</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 30,641</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,523,934</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest accrued</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 133,767</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Payments of leases</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (285,404)</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest payment</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (148,084)</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Additions and remeasurement</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 342,332</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Write-offs</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (81,393)</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,485,152</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Current</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 316,460</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-current</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,168,692</font></p>











































</td>





































</tr>

















































































</table>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The undiscounted future cash outflows are presented below:</font></p>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>











































</td>











































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 79%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Up to 1 year</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">355,336</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">418,450</font></p>











































</td>











































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1 to 2 years</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">282,945</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">322,165</font></p>











































</td>











































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2 to 3 years</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">240,984</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">227,785</font></p>











































</td>











































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3 to 4 years</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">188,002</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">189,744</font></p>











































</td>











































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4 to 5 years</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">158,559</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">147,977</font></p>











































</td>











































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">More than 5 years</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">891,997</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,003,655</font></p>











































</td>











































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,117,823</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,309,776</font></p>











































</td>











































</tr>























































































</table>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The contracts of leases payable are substantially indexed by the IGP-M. </font></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><br></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">b.1. Discount rates</font></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The weighted nominal average discount rates for the lease contracts of the Company are:</font></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 11.35pt;">
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Contracts by maturity date and discount rate</font></p>











































</td>











































</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 90%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Maturity dates of the contracts</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Rate (% p.a.)</font></p>











































</td>











































</tr>
<tr style="height: 11.35pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">From 1 to 5 years</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">10.56%</font></p>











































</td>











































</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">From 6 to 10 years</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">10.16%</font></p>











































</td>











































</tr>
<tr style="height: 11.35pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">From 11 to 15 years</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">9.81%</font></p>











































</td>











































</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">More than 15 years</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">9.68%</font></p>






























</td>






























</tr>





























































</table>






























</div>
<div style="line-height: 1.2;"><br></div>





























</div>





























</div>
<div style="line-height: 1.2;">
<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'>45</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 style="width: 8.5in; margin: 0 auto;">
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="line-height: 1.2;">
<table style="font-size: 10pt; width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman';">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 14pt; font-weight: bold; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>






















</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>






















</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>






















</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-style: solid; border-bottom-width: 2px; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="font-size: 13.3333px;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-style: solid; border-bottom-width: 2px; border-bottom-color: #000080 !important;"><br></td>






















</tr>













































</table>
<p style="margin: 0px; text-indent: 0px;"><br></p>





































</div>
<div style="line-height: 1.2;">
<p style="margin: 2pt 0pt 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">c. Effects of inflation and potential right of recoverable PIS and COFINS - disclosures required by the CVM in the letter SNC/SEP 02/2019</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The effects of inflation for the year ended December 31, 2024 are as follows:</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 259px; width: 100%;" width="100%">

<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 90%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Right-of-use asset, net</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>





































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Nominal base</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,671,324</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Inflated base</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,050,080</font></p>











































</td>





































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="color: #323130; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">22.7%</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Leases payable</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>





































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Nominal base</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,485,152</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Inflated base</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,863,908</font></p>











































</td>





































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="color: #323130; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">25.5%</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Financial expenses</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>





































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Nominal base</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">133,767</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Inflated base</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">173,068</font></p>











































</td>





































</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="color: #323130; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">29.4%</font></p>











































</td>





































</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Amortization expense</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>





































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Nominal base</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">312,060</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Inflated base</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">357,227</font></p>











































</td>





































</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="color: #323130; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14.5%</font></p>











































</td>





































</tr>

















































































</table>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The possible credits of PIS and COFINS on payments of leases, calculated based on the rate of 9.25%, according to the Brazilian tax legislation for the year ended December 31, 2024, are presented below:</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><br></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Potential right of recoverable PIS and COFINS</font></p>











































</td>











































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 90%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash flow at present value</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">137,377</font></p>











































</td>











































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Nominal cash flow</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">195,899</font></p>











































</td>











































</tr>























































































</table>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">d. Lease contracts of leases of low-value assets and short-term leases</font></p>
<p style="margin: 2pt 0pt 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 58px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Up to 1 year</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Between 1 and 5 years</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 70%; text-align: left; background-color: #cceeff;">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,022</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,637</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,659</font></p>











































</td>





































</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; text-align: left;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; text-align: left; background-color: #cceeff;">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,693</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,872</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,565</font></p>











































</td>





































</tr>

















































































</table>
<p style="margin: 2pt 0pt 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><br></p>
<p style="margin: 2pt 0pt 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The amount of leases considered as of low value, short term and variable payments, recognized as an expense for the year ended December 31, 2024 was R$ 9,850 (R$ 7,794 for the year ended December 31, 2023).&nbsp;</font></p>






























</div>





























</div>





























</div>
<div style="line-height: 1.2;">
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><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'>46</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 style="width: 8.5in; margin: 0 auto;">
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="line-height: 1.2;">
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>























































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>




























































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>























































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-style: solid; border-bottom-width: 2px; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-style: solid; border-bottom-width: 2px; border-bottom-color: #000080 !important;"><br></td>























































</tr>
















































































































</table>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><br></p>
<div style="background-color: #002060; margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Ba1_181202517643535" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">13. Property, plant, and equipment (Consolidated)</font></a></div>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Property, plant and equipment items are measured at acquisition or construction cost, which also includes costs directly attributable to bringing the asset to operating conditions, including borrowing costs on qualifying assets and non-recoverable taxes, as well as, when applicable, the estimated costs of dismantling and removing property, plant and equipment and restoring the site where the asset is located, less accumulated depreciation and impairment losses. The borrowing costs related to funds raised for construction in progress shall be capitalized until the completion of these projects.</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Depreciation is calculated using the straight-line method, taking into consideration the estimated useful lives of the assets, which are reviewed annually. Leasehold improvements are depreciated over the shorter of the contract term and the useful life of the asset.</font></p>
<p style="margin: 0pt;"><br></p>







































</div>
<div style="line-height: 1.2;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 99.8798%;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Weighted average useful life (years)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Balance as of 12/31/2023</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Additions</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Depreciation</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Transfers <sup>(i)</sup></font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Write-offs</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Acquisition of subsidiaries <sup>(ii)</sup></font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Balance as of 12/31/2024</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 29%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cost:</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Land</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">607,152</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12,968</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,073</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(15,569)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">609,624</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Buildings</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">31</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,646,996</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,904</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">149,065</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(61,770)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,902</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,745,097</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Leasehold improvements</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,292,998</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">37,867</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">99,777</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(15,300)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,415,342</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Machinery and equipment</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,530,184</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">143,782</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">99,603</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(16,382)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,183</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,758,370</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Automotive fuel/lubricant distribution equipment and facilities</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,361,637</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">80,317</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">70,966</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(327,319)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,825</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,199,426</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">LPG tanks and bottles</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,006,398</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">116,503</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(37,114)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,085,787</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Vehicles</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">371,434</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">111,735</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(29,884)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(62,657)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,257</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">395,885</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Furniture and fixtures</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">212,640</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12,649</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(154)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,965)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">402</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">221,572</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IT equipment</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">318,721</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12,259</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(5,950)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,780)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">321,250</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Construction in progress</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">783,496</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,022,967</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(455,740)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,831)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,347,892</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Advances to suppliers</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">32,557</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19,834</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6,558)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(867)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">44,966</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Imports in progress</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,107</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,127</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,106)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,128</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,167,320</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,582,912</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(76,908)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(547,554)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">22,569</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,148,339</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Accumulated depreciation:</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Buildings</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(536,518)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(54,110)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,126</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">28,014</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(134)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(558,622)</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Leasehold improvements</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(683,187)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(75,957)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,798</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,430</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(748,916)</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Machinery and equipment</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,147,842)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(208,103)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,776</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,612</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(405)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,347,962)</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; break-after: avoid; break-inside: avoid; text-indent: 0.4pt; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Automotive fuel/lubricant distribution equipment and facilities</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,238,843)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(164,248)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(7,870)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">289,359</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,082)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,122,684)</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">LPG tanks and bottles</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(605,298)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(92,219)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">27,449</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(670,068)</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Vehicles</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(181,511)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(35,066)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">35,776</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">26,792</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(613)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(154,622)</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Furniture and fixtures</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(130,117)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(15,718)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">642</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,784</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(84)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(142,493)</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IT equipment</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(254,952)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(22,246)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,136</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,387</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(265,675)</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6,778,268)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(667,667)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">44,384</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">392,827</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,318)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(7,011,042)</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Provision for impairment losses</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,471)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(21)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">161</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,331)</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net amount</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,387,581</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,582,891</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(667,667)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(32,524)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(154,566)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20,251</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,135,966</font></p>











































</td>





































</tr>

















































































</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-size: 8pt;"><sup>(i)</sup></font> The remaining balance refers to R$ 22,348 transferred to right-of-use assets and R$ 10,176 transferred to intangible assets.</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-size: 8pt;"><sup>(ii)</sup></font> For further information, see Note 28.</font></p>






























</div>





























</div>





























</div>
<div style="line-height: 1.2;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><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'>47</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: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="width: 8.5in; margin: 0 auto;">
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><br></p>
<div style="line-height: 1.2;">
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>
























































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>





























































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>
























































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-style: solid; border-bottom-width: 2px; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-style: solid; border-bottom-width: 2px; border-bottom-color: #000080 !important;"><br></td>
























































</tr>


















































































































</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><br></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 100.08%; height: 524px;" width="100%">

<tr style="height: 59px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 59px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 59px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Weighted average useful life (years)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 59px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 59px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Balance as of 12/31/2022</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 59px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 59px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Additions</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 59px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 59px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Depreciation</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 59px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 59px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Transfers</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 59px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 59px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Write-offs</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 59px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 59px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Acquisition of subsidiaries</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 59px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 59px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Balance as </font><br><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">of </font><br><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>












































</td>






































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 29%; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cost:</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8%; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8%; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8%; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8%; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8%; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8%; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8%; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8%; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>






































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Land</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">619,116</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,053</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,316</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(16,369)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">36</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">607,152</font></p>












































</td>






































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Buildings</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">31</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,532,506</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">27,100</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">198,398</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(111,899)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">891</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,646,996</font></p>












































</td>






































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Leasehold improvements</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,169,326</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">30,348</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8208;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">90,557</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(12,458)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">15,225</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,292,998</font></p>












































</td>






































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Machinery and equipment</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,186,759</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">111,726</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">133,554</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(14,634)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">112,779</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,530,184</font></p>












































</td>






































</tr>
<tr style="height: 48px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Automotive fuel/lubricant distribution equipment and facilities</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,213,123</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">86,714</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">143,010</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(92,744)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11,534</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,361,637</font></p>












































</td>






































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">LPG tanks and bottles</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">920,287</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">129,567</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">431</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(43,887)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,006,398</font></p>












































</td>






































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Vehicles</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">325,094</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">24,661</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,351</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(9,473)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">29,801</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">371,434</font></p>












































</td>






































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Furniture and fixtures</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">201,708</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12,326</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,649</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,547)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,504</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">212,640</font></p>












































</td>






































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IT equipment</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">303,023</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19,787</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,516</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(10,750)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,145</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">318,721</font></p>












































</td>






































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Construction in progress</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">694,726</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">650,828</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(567,114)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,056</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">783,496</font></p>












































</td>






































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Advances to suppliers</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">18,139</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20,501</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6,263)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">180</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">32,557</font></p>












































</td>






































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Imports in progress</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">902</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,205</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,107</font></p>












































</td>






































</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12,184,709</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,116,816</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,405</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(316,761)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">179,151</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,167,320</font></p>












































</td>






































</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Accumulated depreciation:</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>






































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Buildings</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(591,812)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(46,187)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">101,919</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(438)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(536,518)</font></p>












































</td>






































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Leasehold improvements</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(618,256)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(71,139)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,858</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,650)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(683,187)</font></p>












































</td>






































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Machinery and equipment</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,926,954)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(194,666)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,499</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(39,721)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,147,842)</font></p>












































</td>






































</tr>
<tr style="height: 29px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 29px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; break-after: avoid; break-inside: avoid; text-indent: 0.4pt; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Automotive fuel/lubricant distribution equipment and facilities</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 29px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 29px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 29px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,113,657)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 29px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 29px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 29px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 29px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(181,233)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 29px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 29px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 29px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 29px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">60,982</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 29px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 29px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,935)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 29px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 29px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,238,843)</font></p>












































</td>






































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">LPG tanks and bottles</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(557,260)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(83,777)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
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</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">35,739</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
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</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(605,298)</font></p>












































</td>






































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
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</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(154,177)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
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</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
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</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(29,483)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
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</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
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</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,608</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,459)</font></p>












































</td>
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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(181,511)</font></p>












































</td>






































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Furniture and fixtures</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(118,438)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(14,032)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,052</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(699)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(130,117)</font></p>












































</td>






































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IT equipment</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(239,978)</font></p>












































</td>
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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
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</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
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</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(23,721)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,058</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,311)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(254,952)</font></p>












































</td>






































</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6,320,532)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(644,238)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">239,715</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(53,213)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6,778,268)</font></p>












































</td>






































</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Provision for impairment losses</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,764)</font></p>












































</td>
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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(89)</font></p>












































</td>
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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">382</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,471)</font></p>












































</td>






































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net amount</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,862,413</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,116,727</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(644,238)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,405</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(76,664)</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">125,938</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,387,581</font></p>












































</td>






































</tr>



















































































</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&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"><font class='pageno'>48</font></font></td>


















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</div>
<div style="width: 8.5in; margin: 0 auto;">
<div style="line-height: 1.2;">
<div style="line-height: 1.2;">
<p style="margin:0pt"><br></p>
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>
























































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<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>





























































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>
























































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-style: solid; border-bottom-width: 2px; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-style: solid; border-bottom-width: 2px; border-bottom-color: #000080 !important;"><br></td>
























































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</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Construction in progress relates substantially to expansions, renovations, constructions and upgrade of the terminals&#8217; assets, service stations and distribution bases.</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Advances to suppliers are basically related to manufacturing of assets for expansion of terminals, distribution bases and acquisition of real estate.</font></p>
<p style="margin: 0pt;"><br></p>









































</div>
<div style="line-height: 1.2;">
<div style="background-color: #002060; margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Ba3_1812025177443" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">14. Intangible assets (consolidated)</font></a></div>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><br></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><br></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Intangible assets include assets acquired by the Company and its subsidiaries from third parties, and are recognized according to the criteria below:</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8226;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 for impairment annually or more frequently when there is indication that the goodwill might be impaired. Goodwill is allocated to the cash generating units, which represent the lowest level at which goodwill is monitored for impairment testing purposes.</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8226;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other intangible assets acquired from third parties, such as software, technology, and commercial property rights, are measured at the amount paid on acquisition and amortized using the straight-line method, according to their useful lives, and are reviewed annually.</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8226;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The decarbonization credits (&#8220;CBIOS&#8221;) acquired are recorded at historical cost in intangible assets, being prescribed according to decree in the year to fulfill the individual target set by the National Agency of Petroleum, Natural Gas and Biofuels (&#8220;ANP&#8221;) and are not amortized. These assets are used to settle the annual decarbonization obligation adopted by Brazilian National Biofuels Policy (&#8220;RenovaBio&#8221;), implemented by Law No. 13,576/2017, with additional regulations established by Decree No. 9,888/2019 and Ordinance No. 419 of November 20, 2019 issued by the Brazilian Ministry of Mines and Energy. The obligation is recorded under a specific line item of the statement of financial position and is measured according to the target established by the ANP, through the average acquisition cost of credits acquired or the fair value of credits traded on B3 on the closing date for the credits to be acquired.</font></p>






























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<div style="width: 8.5in; margin: 0 auto;">
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>























































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<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>




























































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>























































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-style: solid; border-bottom-width: 2px; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-style: solid; border-bottom-width: 2px; border-bottom-color: #000080 !important;"><br></td>























































</tr>
















































































































</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company and its subsidiaries have goodwill and brands acquired in business combinations, which are evaluated as intangible assets with indefinite useful life.</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><br></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Weighted average useful life (years)</font></p>











































</td>
<td style="padding: 0px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Balance as of 12/31/2023</font></p>











































</td>
<td style="padding: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Additions</font></p>











































</td>
<td style="padding: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Amortization</font></p>











































</td>
<td style="padding: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Transfers <sup>(i)</sup></font></p>











































</td>
<td style="padding: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Write-offs</font></p>











































</td>
<td style="padding: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Foreign exchange variations</font></p>











































</td>
<td style="padding: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Acquisition of subsidiaries <sup>(ii)</sup></font></p>











































</td>
<td style="padding: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Balance as of 12/31/2024</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 20%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cost:</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Goodwill (a)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">943,125</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(115)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">39,349</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">982,359</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Software (b)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,503,601</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">226,098</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(18,475)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,969)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">108</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">282</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,707,645</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Distribution rights</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">155,174</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20,101</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,412</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">176,687</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Brands (c)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">62,303</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(948)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">61,366</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trademark rights (c)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">30</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">120,960</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">41</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">121,001</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Others</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15,127</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">224</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,211)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(529)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,611</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Decarbonization credits (CBIO)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">710,710</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">713,453</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(389)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,423,452)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">322</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,511,000</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">959,917</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(22,726)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,427,950)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">108</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">39,642</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,059,991</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom;">
<p style="margin: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Accumulated amortization:</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Software</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(826,773)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(222,487)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">32,886</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,756</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,013,618)</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Distribution rights</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(106,145)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,860)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">16</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">170</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(110,819)</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trademark rights</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(18,931)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,389)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">323</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(22,997)</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Others</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(5,234)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(301)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,308</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,227)</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(957,083)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(232,037)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">32,902</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,557</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,151,661)</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net amount</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,553,917</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">959,917</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(232,037)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,176</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,423,393)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">108</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">39,642</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,908,330</font></p>











































</td>





































</tr>

















































































</table>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; vertical-align: super; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-size: 8pt;"><sup>(i) </sup></font>Refers to R$ 10,176 transferred from property, plant and equipment.</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-size: 8pt;"><sup>(ii)</sup> </font>For further information, see Note 28.</font></p>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 99.9597%; height: 301px;" width="100%">

<tr style="height: 48px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 48px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 48px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Weighted average useful life (years)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 48px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 48px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Balance as of 12/31/2022</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 48px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 48px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Additions</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 48px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 48px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Amortization</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 48px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 48px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Transfers</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 48px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 48px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Write-offs</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 48px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 48px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Foreign exchange variations</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 48px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 48px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Acquisition of subsidiaries</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 48px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 48px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Balance as of 12/31/2023</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 20%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cost:</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>





































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Goodwill (a)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">917,775</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">25,350</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">943,125</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Software (b)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,299,088</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">273,310</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,086</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(79,909)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,026</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,503,601</font></p>











































</td>





































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Distribution rights </font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">114,593</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,357</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">39,224</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">155,174</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Brands (c)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">65,647</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,344)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">62,303</font></p>











































</td>





































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trademark rights (c)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">30</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">114,792</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">25</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,143</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">120,960</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Others</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">177</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,953</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15,127</font></p>











































</td>





































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Decarbonization credits (CBIO)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">232,305</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">778,885</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(300,480)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">710,710</font></p>











































</td>





































</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,744,377</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,053,577</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,086</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(380,392)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,344)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">95,696</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,511,000</font></p>











































</td>





































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Accumulated amortization:</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Software</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(708,659)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(192,976)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">79,720</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,858)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(826,773)</font></p>











































</td>





































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Distribution rights</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(102,037)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,956)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,152)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(106,145)</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trademark rights</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(14,930)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,889)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(112)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(18,931)</font></p>











































</td>





































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Others</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(402)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,835)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(5,234)</font></p>











































</td>





































</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(826,028)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(204,656)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">79,723</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6,122)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(957,083)</font></p>











































</td>





































</tr>
<tr style="height: 18px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net amount</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,918,349</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,053,577</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(204,656)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,086</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(300,669)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,344)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">89,574</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,553,917</font></p>











































</td>





































</tr>

















































































</table>
<p style="margin: 0pt;"><br></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'>50</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 style="width: 8.5in; margin: 0 auto;">
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="line-height: 1.2;">
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>























































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>




























































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>























































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-style: solid; border-bottom-width: 2px; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-style: solid; border-bottom-width: 2px; border-bottom-color: #000080 !important;"><br></td>























































</tr>
















































































































</table>
<p style="margin: 0px; text-indent: 0px;"><br></p>





































</div>
<div style="line-height: 1.2;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">a. Goodwill</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 240px;" width="100%">

<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Segment</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 68%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Goodwill on the acquisition of:</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>





































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ipiranga <sup>(i)</sup></font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ipiranga</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">276,724</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">276,724</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Uni&#227;o Terminais</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultracargo</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">211,089</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">211,089</font></p>











































</td>





































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Texaco</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ipiranga</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">177,759</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">177,759</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Stella</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultragaz</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">103,051</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">103,051</font></p>











































</td>





































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Iconic (CBLSA)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ipiranga</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">69,807</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">69,807</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">WTZ (28.b)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultragaz</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">52,038</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>





































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Temmar</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultracargo</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">43,781</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">43,781</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">DNP</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ipiranga</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">24,736</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">24,736</font></p>











































</td>





































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Repsol</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultragaz</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,403</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,403</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Neog&#225;s</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultragaz</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,761</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,761</font></p>











































</td>





































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Serra Diesel</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultrapar</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,413</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,217</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">TEAS</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultracargo</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">797</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: top; height: 16px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">797</font></p>











































</td>





































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">982,359</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">943,125</font></p>











































</td>





































</tr>

















































































</table>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-size: 8pt;"><sup>(i)</sup> </font>Including R$ 246,163 presented as goodwill at the Parent.</font></p>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As of December 31, 2024, the Company assessed the balances of goodwill shown in the table above 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 of future cash flows are based on the Company&#8217;s business plan of its operating segments, as well as comparable market data, and represent management&#8217;s best estimate of the future economic conditions. The main key assumptions used by the Company to calculate the value in use are described below. </font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Period of evaluation: period of five years, after which the Company calculates the perpetuity, considering the possibility of carrying the business on indefinitely. </font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Discount rate and actual growth rate: the discount and real growth rates used to extrapolate the projections at December 31, 2024 ranged from 10.3 % to 11.7% and -0.5% to 0.5% p.a., respectively, depending on the acquisition analyzed. </font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Revenue from sales and services, costs and expenses, and gross margin: considers the budget prepared for 2025 and the long-term strategic plan prepared by management and presented to the Board of Directors.</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Goodwill from investments in joint ventures and associates is presented under investments, for further information see Note 11.</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">b. Software</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Includes 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, and other systems. Also includes expenses related to software in progress in the amount of R$ 84,421 as of December 31, 2024 (R$ 11,200 as of December 31, 2023).</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">c. Brands and trademarks rights</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Brands are represented by the acquisition cost of the &#8216;am/pm&#8217; brand in Brazil and the NEOg&#225;s brand, acquired in the business combination, and Chevron and Texaco trademarks rights.</font></p>





























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</div>





























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<div style="line-height: 1.2;">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><br></p>
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<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>51</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 style="width: 8.5in; margin: 0 auto;">
<div style="line-height: 1.2;">
<p style="margin:0pt"><br></p>
<table style="width: 99.9182%; margin-left: 0.1px; height: 37px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>























































</tr>
<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>




























































</td>
<td style="vertical-align: top; width: 43.9853%; height: 10px;"><br></td>























































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-style: solid; border-bottom-width: 2px; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-style: solid; border-bottom-width: 2px; border-bottom-color: #000080 !important;"><br></td>























































</tr>
















































































































</table>
<p style="margin: 0px; text-indent: 0px;"><br></p>

































</div>
<div style="line-height: 1.2;">
<div style="background-color: #002060; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Ba4_18120251772067" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">15. Loans, financing, debentures and derivative financial instruments (Consolidated)</font></a></div>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial liabilities are initially recognized at fair value, net of transaction costs incurred, and are subsequently measured at amortized cost or at fair value through profit or loss and updated using the effective interest rate and including charges.&nbsp; The financial liabilities at fair value through profit or loss refer to derivative financial instruments and financial liabilities designated as hedged items in a fair value hedge relationship upon initial recognition (see Note 26.g.1). Any difference between the proceeds (net of transaction costs) and the total amount payable is recognized in the statement of income over the period of the borrowings using the effective interest rate method. Fees paid on the contracting of loans are recognized as transaction costs and amortized taking into account the term of the loan, using the effective interest rate method.</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">a. Breakdown</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 516px; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td colspan="3" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>











































</td>





































</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; width: 36%; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Description</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; width: 1%; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; width: 8%; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Index/Currency</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; width: 1%; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; width: 10%; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Weighted average financial charges 2024 (p.a.)</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; width: 1%; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; width: 10%; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Weighted average hedging instruments</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; width: 1%; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; width: 10%; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Maturity</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; width: 1%; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; width: 10%; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; width: 1%; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; width: 10%; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign currency:</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>





































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Notes in the foreign market</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.25%</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">139.0% of DI**</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2026 to 2029</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,710,980</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,694,339</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign loan</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">JPY</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1.31%</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">109.4% of DI</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2025</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">501,524</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">439,852</font></p>











































</td>





































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign loan</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">EUR</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4.39%</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">109.2% of DI</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2025</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">778,147</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">126,171</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign loan</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4.57%</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">105.9% of DI</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2025</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">691,006</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,018,429</font></p>











































</td>





































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total in foreign currency</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">6,681,657</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">5,278,791</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>





































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Brazilian Reais:</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Debentures &#8211; CRA</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.30%</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">103.1% of DI</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2025 to 2032</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,456,111</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,434,287</font></p>











































</td>





































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CCB</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">107.0%</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">n/a</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2025 to 2026</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,464,624</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">552,407</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Debentures - Ultragaz</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI +</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.74%</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">n/a</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2027 to 2029</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">731,667</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>





































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Debentures &#8211; Ultracargo </font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4.11%</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">111.4% of DI</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2028</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">534,706</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">556,677</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Debentures &#8211; CRA</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Fixed rate</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11.17%</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">104.3% of DI</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2027</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">477,827</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">539,914</font></p>











































</td>





































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDCA</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.92%</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">n/a</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2027</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">534,374</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Debentures &#8211; CRA</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.70%</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">n/a</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2027</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">490,971</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">488,269</font></p>











































</td>





































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDCA</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">108.7%</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">n/a</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2025 to 2027</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">293,374</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">201,848</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Constitutional Fund</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2.93%</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">69.5% of DI</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2028 to 2041</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">114,472</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>





































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Debentures &#8211; Ultracargo </font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6.28%</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">n/a</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2032 to 2034</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">80,048</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">FINEP</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">TJLP</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1.00%</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">n/a</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2025 to 2026</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">679</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,264</font></p>











































</td>





































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Debentures &#8211; Ultracargo </font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">R$</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6.47%</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">99.9% of DI</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2024</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">87,826</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total in Brazilian Reais</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">7,178,853</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">5,862,492</font></p>











































</td>





































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total in foreign currency and Brazilian Reais</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">13,860,510</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">11,141,283</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Derivative financial instruments (*)</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">441,600</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">626,734</font></p>











































</td>





































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total </font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">14,302,110</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">11,768,017</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Current</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,552,760</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,993,254</font></p>











































</td>





































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1 to 2 years</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,261,425</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,879,412</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2 to 3 years</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,611,526</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,243,967</font></p>











































</td>





































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3 to 4 years </font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,062,967</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,023,820</font></p>











































</td>





































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4 to 5 years</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,437,398</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,691,595</font></p>











































</td>





































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">More than 5 years</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,376,034</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,935,969</font></p>











































</td>





































</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Non-current </font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">10,749,350</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">9,774,763</font></p>











































</td>





































</tr>

















































































</table>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><br></p>
<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 3%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 8.88889px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(*)</font></td>
<td style="width: 97%;"><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: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Accumulated losses (see Note 26.f).</font></td>

















</tr>
<tr>
<td style="vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 8.88889px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(**)</font></td>
<td style="text-align: justify;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Considers a protection instrument for a notional amount of US$ 300 million. Does not include the result of financial investments in dollars used as a natural hedge to the amount without protection instrument.</font></td>

















</tr>



































</table>
<p style="margin: 0pt;"><br></p>

















</div>

















</div>

















</div>
<div style="line-height: 1.2;">
<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'>52</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:0pt"><br></p>
<div style="width: 8.5in; margin: 0 auto;">
<div style="line-height: 1.2;">
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>























































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>




























































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>























































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-style: solid; border-bottom-width: 2px; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-style: solid; border-bottom-width: 2px; border-bottom-color: #000080 !important;"><br></td>























































</tr>
















































































































</table>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><br></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The changes in loans, financing, debentures and derivative financial instruments are shown below:</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><br></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 100.04%;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 78%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2022</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,800,213</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">11,750,361</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">New loans</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,903,031</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest accrued</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">42,968</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">761,052</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Principal payment</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,725,000)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,149,525)</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest payment</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(118,181)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(742,724)</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Monetary variations and foreign exchange variations</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(319,488)</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Change in fair value</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">351,560</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Hedge result</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">102,422</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Balance of acquired company (see Note 28)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">111,328</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">11,768,017</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">New loans</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,179,974</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest accrued</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">846,329</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Principal payment</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,718,953)</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest payment</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(798,653)</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Monetary variations and foreign exchange variations</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,675,583</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Change in fair value</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(465,053)</font></p>











































</td>





































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Hedge result</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(185,134)</font></p>











































</td>





































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8208;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">14,302,110</font></p>











































</td>





































</tr>

















































































</table>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The transaction costs associated with debt issuance were deducted from the balance of the related liability and recognized in profit or loss according to the effective interest rate method. As of December 31, 2024, the amount recognized in profit or loss was R$ 18,928 (R$ 19,626 as of December 31, 2023). The balance to be recognized in the next years is R$ 69,914 (R$ 84,516 as of December 31, 2023).</font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">126</font></p>








































</div>
<div style="line-height: 1.2;">
<p style="margin: 12pt 0pt 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">b. Guarantees</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As of December 31, 2024, there was R$ 114,472 in financing that had real guarantees. There was also R$ 13,586,936 (R$ 10,966,890 as of December 31, 2023) in financing without real guarantees with sureties or promissory notes.</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company and its subsidiaries offer collateral in the form of letters of guarantee for commercial and legal proceedings in the amount of R$ 97,947 as of December 31, 2024 (R$ 103,600 as of December 31, 2023).</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Subsidiary Ipiranga issues collateral to financial institutions in connection with the amounts payable by some of its customers to such institutions, with maximum future settlements related to these guarantees in the amount of R$ 219,700 (R$ 397,152 as of December 31, 2023). If subsidiary Ipiranga is required to make any payment under these collateral arrangements, this subsidiary may recover the amount paid directly from its customers through commercial collection. Until December 31, 2024, subsidiary Ipiranga did not have losses in connection with these collateral arrangements. </font></p>
<p style="margin: 0pt;"><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'>53</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>
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>



















































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>
























































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>



















































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-style: solid; border-bottom-width: 2px; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-style: solid; border-bottom-width: 2px; border-bottom-color: #000080 !important;"><br></td>



















































</tr>








































































































</table>
<p style="margin: 0pt;"><br></p>
<p style="margin: 0pt;"><font style="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify;">c. Relevant operations contracted in the </font>yer</p>





























</div>
<div style="line-height: 1.2;">
<p style="margin: 2pt 0pt 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The main operations contracted in the year are shown below:</font></p>
<p style="margin: 2pt 0pt 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 288px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Description</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Index/ Currency</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Financial charges</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Hedging instruments</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Issuance date</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Maturity</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Principal</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Principal in R$</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Remuneration payment</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Nominal amount payment</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Company</font></p>











































</td>







































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; width: 8%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">CDCA</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; width: 8%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">%DI</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; width: 8%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">108.00%</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; width: 8%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">N/A</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; width: 8%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Jan/24</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; width: 8%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Jan/25</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; width: 8%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">R$ 80,000</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; width: 8%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">R$ 80,000</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; width: 10%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Quarterly</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; width: 10%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">At final maturity</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; width: 10%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Ipiranga</font></p>











































</td>







































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">4131</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">EUR</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">4.33%</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">111.9% of DI</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Jan/24</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Jan/25</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">EUR 23,500</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">R$ 126,195</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Semiannually</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">At final maturity</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Iconic</font></p>











































</td>







































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">CCB</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">%DI</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">108.37%</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">N/A</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Mar/24</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Mar/25</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">R$ 500,000</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">R$ 500,000</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Annually</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">At final maturity</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Ipiranga</font></p>











































</td>







































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">4131</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">EUR</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">4.43%</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">108.5% of DI</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Mar/24</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Mar/25</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">EUR 46,040</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">R$ 247,099</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">At final maturity</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">At final maturity</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Ipiranga</font></p>











































</td>







































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">4131</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">JPY</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1.32%</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">108.9% of DI</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Mar/24</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Aug/24</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">JPY 3,760,000</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">R$ 123,742</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">At final maturity</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">At final maturity</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Ultracargo Log&#237;stica</font></p>











































</td>







































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">4131</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">EUR</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">4.38%</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">108.5% of DI</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Mar/24</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Mar/25</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">EUR 45,977</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">R$ 246,897</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">At final maturity</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">At final maturity</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Ultracargo Log&#237;stica</font></p>











































</td>







































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">CCB</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">%DI</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">108.37%</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">N/A</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Apr/24</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Apr/26</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">R$ 500,000</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">R$ 500,000</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Annually</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">At final maturity</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Ipiranga</font></p>











































</td>







































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">4131</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">USD</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">6.11%</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">112.4% of DI</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Apr/24</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Apr/25</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">USD 9,728</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">R$ 48,601</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Semiannually</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">At final maturity</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Iconic</font></p>











































</td>







































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">CDCA</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">DI +</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">0.92%</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">N/A</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">May/24</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Apr/27</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">R$ 500,000</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">R$ 500,000</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Annually</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">At final maturity</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Ipiranga</font></p>











































</td>







































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">4131</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">JPY</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1.44%</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">108.1% of DI</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">May/24</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Oct/24</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">JPY 7,530,077</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">R$ 258,500</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">At final maturity</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">At final maturity</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Ultracargo Log&#237;stica</font></p>











































</td>







































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">CDCA</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">%DI</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">109.00%</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">N/A</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Jun/24</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Apr/27</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">R$ 200,000</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">R$ 200,000</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Quarterly</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2026 and 2027</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Ipiranga</font></p>











































</td>







































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Debentures</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">CDI</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">0.65%</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">N/A</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Jul/24</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Jul/27</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">R$ 455,000</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">R$ 455,000</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Semiannually</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">At final maturity</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Cia Ultragaz</font></p>











































</td>







































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Debentures</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">CDI</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">0.90%</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">N/A</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Jul/24</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Jul/29</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">R$ 245,000</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">R$ 245,000</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Semiannually</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">At final maturity</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Cia Ultragaz</font></p>











































</td>







































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Debentures</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">IPCA</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">6.28%</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">N/A</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Aug/24</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Jun/34</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">R$ 80,000</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">R$ 80,000</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Semiannually</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">At final maturity</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Ultracargo Log&#237;stica</font></p>











































</td>







































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">4131</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">SOFR</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1.29%</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">112.5% of DI</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Sept/24</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Sept/25</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">USD 4,535</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">R$ 25,000</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Quarterly</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">At final maturity</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Serra Diesel</font></p>











































</td>







































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">CCB</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">%DI</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">103.00%</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">N/A</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Nov/24</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Nov/25</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">R$ 370,000</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">R$ 370,000</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">At final maturity</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">At final maturity</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Iconic</font></p>











































</td>







































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">FNE</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">IPCA</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2.93%</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">69.5% of DI</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Dec/24</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Nov/41</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">R$ 151,464</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">R$ 151,464</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Monthly with grace period</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2028 to 2041</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Ultracargo Log&#237;stica</font></p>






























</td>






























</tr>





























































</table>






























</div>
<div style="line-height: 1.2;"><br></div>





























</div>





























</div>
<div style="line-height: 1.2;">
<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'>54</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:0pt"><br></p>
<div style="width: 8.5in; margin: 0 auto;">
<div style="line-height: 1.2;">
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>























































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>




























































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>























































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-style: solid; border-bottom-width: 2px; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-style: solid; border-bottom-width: 2px; border-bottom-color: #000080 !important;"><br></td>























































</tr>
















































































































</table>
<p style="margin: 0pt;"><br></p>








































</div>
<div style="line-height: 1.2;">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">d. Debentures </font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Refers to funds raised by Company and its subsidiaries used, substantially, on the ordinary course of its business.</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 198px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 48px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom; border-bottom: 1px solid #000000; width: 6%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Issuance date</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom; border-bottom: 1px solid #000000; width: 6%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Nature</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom; border-bottom: 1px solid #000000; width: 1%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom; border-bottom: 1px solid #000000; width: 10%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Company</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom; border-bottom: 1px solid #000000; width: 1%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; text-align: center; vertical-align: bottom; border-bottom: 1px solid #000000; width: 10%;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold;">Issuing company</font></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom; border-bottom: 1px solid #000000; width: 1%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom; border-bottom: 1px solid #000000; width: 6%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Issuance</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom; border-bottom: 1px solid #000000; width: 1%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom; border-bottom: 1px solid #000000; width: 6%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Series</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom; border-bottom: 1px solid #000000; width: 1%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom; border-bottom: 1px solid #000000; width: 6%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Maturity</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom; border-bottom: 1px solid #000000; width: 1%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom; border-bottom: 1px solid #000000; width: 6%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Principal</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom; border-bottom: 1px solid #000000; width: 8%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Original remuneration</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom; border-bottom: 1px solid #000000; width: 10%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Hedge instrument/swap</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom; border-bottom: 1px solid #000000; width: 10%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Remuneration payment</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom; border-bottom: 1px solid #000000; width: 10%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Nominal amount payment</font></p>











































</td>





































</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Apr/17</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">CRA</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Ipiranga Prod. De Petr&#243;leo S.A.</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><font style="font-size: 7pt;">Eco Consult - Consultoria<font style="font-family: 'times new roman', times;">Oper<font style="font-family: 'times new roman', times;">. </font>Financ<font style="font-family: 'times new roman', times;">. </font>Agropecu&#225;rias Ltda<font style="font-family: 'times new roman', times;">.</font></font></font></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">5<font style="vertical-align: super; line-height: inherit;">th</font></font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2<font style="vertical-align: super; line-height: inherit;">nd</font></font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Apr/24</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">352,361</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">IPCA + 4.68%</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">93.9% of DI</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Annually</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">At maturity</font></p>











































</td>





































</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Oct/17</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">CRA</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Ipiranga Prod. De Petr&#243;leo S.A.</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom"><font style="font-size: 7pt;"><font style="font-family: 'times new roman', times;">Vert </font>Companhia Securitizadora</font></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">7<font style="vertical-align: super; line-height: inherit;">th</font></font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2<font style="vertical-align: super; line-height: inherit;">nd</font></font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Oct/24</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">213,693</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">IPCA + 4.34%</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">97.3% of DI</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Annually</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">At final maturity</font></p>











































</td>





































</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Dec/18</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">CRA</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Ipiranga Prod. De Petr&#243;leo S.A.</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><font style="font-size: 7pt;"><font style="font-family: 'times new roman', times;">Vert </font>Companhia Securitizadora</font></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">8<font style="vertical-align: super; line-height: inherit;">th</font></font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2<font style="vertical-align: super; line-height: inherit;">nd</font></font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Dec/25</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">240,000</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">IPCA + 4.61%</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">97.1% of DI</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Annually</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">At final maturity</font></p>











































</td>





































</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Nov/19</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Debentures</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Ultracargo Logistica S.A.</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom"><font style="font-size: 7pt;">-</font></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1<font style="vertical-align: super; line-height: inherit;">st</font></font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Single</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Nov/24</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">90,000</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">6.47%</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">99.94% of DI</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Semiannually</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">At final maturity</font></p>











































</td>





































</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Mar/21</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Debentures</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Ultracargo Solu&#231;&#245;es Log&#237;sticas S.A.</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 7pt;">-</font></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1<font style="vertical-align: super; line-height: inherit;">st</font></font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Single</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Mar/28</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">360,000</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">IPCA + 4.04%</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">111.4% of DI</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Semiannually</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">At final maturity</font></p>











































</td>





































</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Mar/21</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Debentures</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Ultracargo Logistica S.A.</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 7pt;">-</font></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2<font style="vertical-align: super; line-height: inherit;">nd</font></font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Single</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Mar/28</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">100,000</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">IPCA + 4.37%</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">111.4% of DI</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Semiannually</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">At final maturity</font></p>











































</td>





































</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Sept/21</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">CRA</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Ipiranga Prod. De Petr&#243;leo S.A.</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><font style="font-size: 7pt;"><font style="font-family: 'times new roman', times;">Vert </font>Companhia Securitizadora</font></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">10<font style="vertical-align: super; line-height: inherit;">th</font></font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Single</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Sept/28</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">960,000</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">IPCA + 4.8287%</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">102.75% of DI</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Semiannually</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">At final maturity</font></p>











































</td>





































</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Jun/22</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">CRA</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Ipiranga Prod. De Petr&#243;leo S.A.</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom"><font style="font-size: 7pt;"><font style="font-family: 'times new roman', times;">Vert </font>Companhia Securitizadora</font></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">11<font style="vertical-align: super; line-height: inherit;">th</font></font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Single</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Jun/32</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,000,000</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">IPCA + 6.0053%</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">104.8% of DI</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Semiannually</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Annual from the 8<font style="vertical-align: super; line-height: inherit;">th</font> year</font></p>











































</td>





































</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Jun/23</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">CRA</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Ipiranga Prod. De Petr&#243;leo S.A.</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><font style="font-size: 7pt;"><font style="font-family: 'times new roman', times;">Vert </font>Companhia Securitizadora</font></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">12<font style="vertical-align: super; line-height: inherit;">th</font></font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1<font style="vertical-align: super; line-height: inherit;">st</font></font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Jun/27</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">325,791</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">11.17% p.a.</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">105.1% of DI</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Quarterly</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">At final maturity</font></p>











































</td>





































</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Jun/23</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">CRA</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Ipiranga Prod. De Petr&#243;leo S.A.</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom"><font style="font-size: 7pt;"><font style="font-family: 'times new roman', times;">Vert </font>Companhia Securitizadora</font></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">12<font style="vertical-align: super; line-height: inherit;">th</font></font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2<font style="vertical-align: super; line-height: inherit;">nd</font></font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Jun/27</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">292,209</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">DI + 0.70% p.a.</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Quarterly</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">At final maturity</font></p>











































</td>





































</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Jul/23</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">CRA</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Ipiranga Prod. De Petr&#243;leo S.A.</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><font style="font-size: 7pt;"><font style="font-family: 'times new roman', times;">Vert </font>Companhia Securitizadora</font></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">13<font style="vertical-align: super; line-height: inherit;">th</font></font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1<font style="vertical-align: super; line-height: inherit;">st</font></font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Jul/27</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">200,000</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">11.17% p.a.</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">102.9% of DI</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Quarterly</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">At final maturity</font></p>











































</td>





































</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Jul/23</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">CRA</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Ipiranga Prod. De Petr&#243;leo S.A.</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom"><font style="font-size: 7pt;"><font style="font-family: 'times new roman', times;">Vert </font>Companhia Securitizadora</font></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">13<font style="vertical-align: super; line-height: inherit;">th</font></font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2<font style="vertical-align: super; line-height: inherit;">nd</font></font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Jul/27</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">200,000</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">DI + 0.70% p.a.</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Quarterly</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">At final maturity</font></p>











































</td>





































</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Jul/24</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Debentures</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Companhia Ultragaz S.A.</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 7pt;">-</font></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2<font style="vertical-align: super; line-height: inherit;">nd</font></font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1<font style="vertical-align: super; line-height: inherit;">st</font></font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Jul/27</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">455,000</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">DI + 0.65% p.a.</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Semiannually</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">At final maturity</font></p>











































</td>





































</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Jul/24</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Debentures</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Companhia Ultragaz S.A.</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 7pt;">-</font></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2<font style="vertical-align: super; line-height: inherit;">nd</font></font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2<font style="vertical-align: super; line-height: inherit;">nd</font></font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Jul/29</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">245,000</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">DI + 0.90% p.a.</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Semiannually</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">At final maturity</font></p>











































</td>





































</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Aug/24</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Debentures</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Ultracargo Logistica S.A.</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 7pt;">-</font></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">3<font style="vertical-align: super; line-height: inherit;">rd</font></font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Single</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Jul/34</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">80,000</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">IPCA + 6.28%</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">-</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Semiannually</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">At final maturity</font></p>











































</td>





































</tr>

















































































</table>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company and its subsidiaries contracted hedging instruments for variations of the respective indexes. The hedging instruments were designated as fair value hedges, therefore, debentures and hedging instruments are both presented at fair value from inception, with changes in fair value recognized in profit or loss. The debentures, loans and financing do not have financial covenants.</font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">126</font></p>






























</div>





























</div>





























</div>
<div style="line-height: 1.2;">
<p style="margin: 0pt;"><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'>55</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:0pt"><br></p>
<div style="width: 8.5in; margin: 0 auto;">
<div style="line-height: 1.2;">
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>





















































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>


























































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>





















































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-style: solid; border-bottom-width: 2px; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-style: solid; border-bottom-width: 2px; border-bottom-color: #000080 !important;"><br></td>





















































</tr>












































































































</table>
<p style="margin: 0pt;"><br></p>























</div>
<div style="line-height: 1.2;">
<div style="background-color: #002060; margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Ba6_181202517741552" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">16. Trade payables (consolidated)</font></a></div>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">a. Trade payables</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 84px; width: 100%;" width="100%">

<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom; text-align: center;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font>

























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; text-align: center;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom; text-align: center;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font>

























</td>




































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 79%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Domestic suppliers </font></p>











































</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 10%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,558,813</font></p>











































</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 1%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 10%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,907,042</font></p>











































</td>




































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade payables - domestic related parties (see Note 8.b)</font></p>











































</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">23,432</font></p>











































</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">82,843</font></p>











































</td>




































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign suppliers </font></p>











































</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">776,052</font></p>











































</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,628,177</font></p>











































</td>




































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade payables - foreign related parties (see Note 8.b)&nbsp;</font></p>











































</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">160,088</font></p>











































</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">64,609</font></p>











































</td>




































</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,518,385</font></p>











































</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">4,682,671</font></p>











































</td>




































</tr>
















































































</table>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">b. Trade payables - reverse factoring</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; text-decoration: underline; line-height: inherit;">Trade payables - reverse factoring:</font> These operations consist of the advance receipt of amounts by the supplier from financial institutions before their due date in order to provide to suppliers the opportunity to manage their receivables more effectively.</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The assignment of receivables does not result in any costs or fees with the financial institutions for the Company's subsidiaries, nor in the granting of guarantees of any type to these financial institutions. The decision to join this type of transaction is solely and exclusively of the supplier.</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The agreement does not substantially change the main characteristics of the commercial conditions previously established between the subsidiaries of the Company and the suppliers. Therefore, the amounts payable to financial institutions for these transactions are presented in the line item of suppliers.</font></p>





























</div>





























</div>





























</div>
<div style="line-height: 1.2;">
<div style="width: 8.5in; margin: 0 auto;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><br></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As of December 31, 2024, to accurately reflect the essence of commercial transactions, the balance reverse factoring transactions for which suppliers have already received payments was R$ 1,014,504 (R$ 1,039,366 as of December 31, 2023). The average payment term, in days, of suppliers that have joined the reverse factoring transactions and comparable suppliers is presented below:</font></p>
<p style="font-size: 11pt; line-height: 108%; margin: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 49px; width: 99.9728%;" width="100%">

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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>











































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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Reverse factoring</font></p>











































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Comparable suppliers</font><font style="font-size: 7pt; line-height: inherit;"><sup><font style="font-weight: bold; line-height: inherit;">1</font></sup></font></font></p>











































</td>




































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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 79%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Average payment term</font></p>











































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px; width: 10%; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12</font></p>











































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 1%; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 10%; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8</font></p>











































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</table>
<p style="font-size: 11pt; line-height: 108%; margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-size: 8pt;"><sup><font style="vertical-align: super; line-height: inherit;">1 </font></sup></font>Comparable suppliers are those that have not adhered to reverse financing agreements, considering specific characteristics of payment conditions.</font></p>





























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<p style="font-size: 11pt; line-height: 108%; margin: 0pt;"><br></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'>56</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:0pt"><br></p>
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<div style="line-height: 1.2;">
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>




















































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<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>

























































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>




















































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-style: solid; border-bottom-width: 2px; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-style: solid; border-bottom-width: 2px; border-bottom-color: #000080 !important;"><br></td>




















































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</table>
<p style="font-size: 11pt; line-height: 108%; margin: 0pt;"><br></p>




































</div>
<div style="line-height: 1.2;">
<p style="background-color: #002060; margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BA7_181202517754112" class="customBookmark"><font style="color: #ffffff; font-weight: bold; line-height: inherit;">17. Employee benefits and private pension plan (Consolidated)</font></a><font style="color: #ffffff; font-weight: bold; line-height: inherit;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</font></font></p>
<p style="font-size: 12pt; line-height: 108%; margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy</font></p>
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company and its subsidiaries offer their employees a private pension plan of the defined contribution type and other benefits related to seniority bonus, payment of Government Severance Indemnity Fund for Employees (&#8220;FGTS&#8221;), health and dental care, and life insurance plans for eligible retirees. Annual actuarial studies, with the exception of the private pension plan, are prepared by an independent professional and reviewed by Management. The respective impacts are recognized in accordance with the projected unit credit method. The actuarial gains and losses are recognized in equity under &#8220;Accumulated other comprehensive income&#8221;.</font></p>
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">a. ULTRAPREV - Associa&#231;&#227;o de Previd&#234;ncia Complementar</font></p>
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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 its subsidiaries. Participating employees have been contributing to this plan, managed by Ultraprev - Associa&#231;&#227;o de Previd&#234;ncia Complementar (&#8220;Ultraprev&#8221;), since August 2001. The Company and its subsidiaries do not take responsibility for guaranteeing amounts or the duration of the benefits received by the retired employee. </font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In the year ended December 31, 2024, the Company and its subsidiaries contributed R$ 22,482 to Ultraprev (R$ 22,482 in the year ended December 31, 2023). </font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The balance of R$ 4,454 as of December 31, 2024 (R$ 18,271 as of December 31, 2023) regarding the reversal fund will be used to deduct normal sponsor contributions in a period of up to 18 months depending on the sponsor. The number of months is estimated according to the current amount being deducted from contributions of each sponsor.</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The total number of participating employees as of December 31, 2024 is 3,801 active participants and 297 retired participants (4,053 active participants and 298 retired participants as of December 31, 2023). In addition, Ultraprev had 21 former employees or beneficiaries receiving benefits under the rules of a previous plan whose reserves are fully constituted.</font></p>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">b. Post-employment benefits (Consolidated)</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Some subsidiaries recognized a provision for post-employment benefits mainly related to seniority bonus, payment of FGTS, and health, dental care, and life insurance plans for eligible retirees.</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>








































</div>
<div style="line-height: 1.2;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The amounts related to such benefits are based on a valuation conducted by an independent actuary and reviewed by Management as of December 31, 2024.</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 111px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>











































</td>




































</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 79%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Health and dental care plan <font style="font-size: 8pt;"><sup><font style="line-height: inherit;">(1)</font></sup></font></font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">177,958</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">211,279</font></p>











































</td>




































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Indemnification of FGTS</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">32,420</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">38,456</font></p>











































</td>




































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Seniority bonus</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,795</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,026</font></p>











































</td>




































</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Life insurance <font style="font-size: 8pt;"><sup><font style="line-height: inherit;">(2)</font></sup></font></font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,703</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,062</font></p>











































</td>




































</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">222,876</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">264,823</font></p>











































</td>




































</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Current</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">24,098</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">23,612</font></p>











































</td>




































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-current</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">198,778</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">241,211</font></p>











































</td>




































</tr>
















































































</table>
<p style="font-size: 10pt; line-height: 110%; margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 25.1pt; page-break-after: avoid; page-break-inside: avoid; text-indent: -18pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-size: 8pt;"><sup><font style="line-height: inherit;">(1)</font></sup></font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;"><font style="font-size: 8pt;"><sup>&nbsp;</sup></font>&nbsp;&nbsp;&nbsp; </font>Applicable to Ipiranga, Tropical (merged by Ipiranga) and Iconic.</font></p>
<p style="margin: 0pt 0pt 0pt 25.1pt; page-break-after: avoid; page-break-inside: avoid; text-indent: -18pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-size: 8pt;"><sup><font style="line-height: inherit;">(2)</font></sup></font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;"><font style="font-size: 8pt;">&nbsp;&nbsp;</font>&nbsp;&nbsp; </font>Applicable to Ipiranga, Tropical (merged by Ipiranga), Ultragaz and Ultrapar.</font></p>






























</div>





























</div>





























</div>
<div style="line-height: 1.2;">
<p style="margin: 0pt 0pt 0pt 25.1pt; page-break-after: avoid; page-break-inside: avoid; text-indent: -18pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><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'>57</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:0pt"><br></p>
<div style="width: 8.5in; margin: 0 auto;">
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>























































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>




























































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>























































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-style: solid; border-bottom-width: 2px; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-style: solid; border-bottom-width: 2px; border-bottom-color: #000080 !important;"><br></td>























































</tr>
















































































































</table>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Changes in the present value of the post-employment benefit obligation occurred as follows:</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>











































</td>











































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 79%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Opening balance</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">264,823</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">215,556</font></p>











































</td>











































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Expense for the year</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">27,077</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">17,521</font></p>











































</td>











































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Update/change of benefit</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(10,094)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>











































</td>











































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Actuarial (gains) losses from changes in actuarial assumptions</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(41,727)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">52,099</font></p>











































</td>











































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Benefits paid directly by the Company and its subsidiaries</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(17,203)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(20,353)</font></p>











































</td>











































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Closing balance</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">222,876</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">264,823</font></p>











































</td>











































</tr>























































































</table>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The total expense for each year is presented below:</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>











































</td>











































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 79%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Health and dental care plan</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20,420</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11,182</font></p>











































</td>











































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Indemnification of FGTS</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,290</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,909</font></p>











































</td>











































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Seniority bonus</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">254</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">286</font></p>











































</td>











































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Life insurance</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,113</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,144</font></p>











































</td>











































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">27,077</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">17,521</font></p>











































</td>











































</tr>























































































</table>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The main actuarial assumptions used are:</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 161px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Economic factors</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>











































</td>











































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">% p.a.</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">% p.a.</font></p>











































</td>











































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 79%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Discount rate for the actuarial obligation at present value &#8211; Indemnification of FGTS</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11.97</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9.41</font></p>











































</td>











































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Discount rate for the actuarial obligation at present value &#8211; Bonus</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11.82</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9.41</font></p>











































</td>











































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Average discount rate for the actuarial obligation at present value &#8211; Medical services</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11.07</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9.53</font></p>











































</td>











































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Discount rate for the actuarial obligation at present value &#8211; Life insurance</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11.82</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9.41</font></p>











































</td>











































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Average projected salary growth rate &#8211; FGTS indemnity</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6.80</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6.83</font></p>











































</td>











































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Average projected bonus growth rate</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7.33</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7.33</font></p>











































</td>











































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Inflation rate (long term)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3.5</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3.5</font></p>











































</td>











































</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Medical services growth rate</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7.64</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7.64</font></p>











































</td>











































</tr>























































































</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline; line-height: inherit;">Demographic factors</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Mortality Table for the life insurance benefit - CSO-80</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Mortality Table for other benefits &#8211; AT 2000 Basic decreased by 10% </font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Disability Mortality Table - RRB 1983 and RRB-1944</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Disability Table &#8211; Weak light</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline; line-height: inherit;">Sensitivity analysis</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The significant actuarial assumptions to determine the provision for post-employment benefits are: discount rate, salary growth and medical costs increases. The sensitivity analyses as of December 31, 2024, as shown below, were determined based on possible changes of assumptions occurring at the reporting date of the financial statements, keeping all other assumptions constant.</font></p>





























</div>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></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"><font class='pageno'>58</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="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>





















































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<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>


























































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>





















































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-style: solid; border-bottom-width: 2px; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-style: solid; border-bottom-width: 2px; border-bottom-color: #000080 !important;"><br></td>





















































</tr>












































































































</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><br></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Assumption</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Change in assumptions</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; text-align: center;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Decrease in liability</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; text-align: center;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Change in assumptions</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Increase in liability</font></p>











































</td>







































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 58%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Discount rate</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">increase by 1.0 p.p.</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19,736</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">decrease by 1.0 p.p.</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">23,953</font></p>











































</td>







































</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Salary growth rate</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">decrease by 1.0 p.p.</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">284</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">increase by 1.0 p.p.</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">304</font></p>











































</td>







































</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Medical services growth rate</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">decrease by 1.0 p.p.</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">18,385</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">increase by 1.0 p.p.</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">22,185</font></p>











































</td>







































</tr>



















































































</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The sensitivity analyses presented may not represent the real change in the post-employment benefit obligation, since it is unlikely that changes occur in just one assumption alone, considering that some of these assumptions may be correlated.</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline; line-height: inherit;">Inherent risks related to post-employment benefits</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Medical costs growth risk: the present value of the liability is calculated using as a 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>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><br></p>
<div style="background-color: #002060; margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BA8_181202517811258" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">18. Provisions and contingent liabilities (Consolidated)</font></a></div>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">A provision for tax, civil and labor risks is recognized when there is a present obligation as a result of a past event, it is probable that a disbursement will be required to settle the obligation, and the amount can be reliably estimated, based on the opinion of management and internal and external legal advisors, and the amounts are recognized based on estimates of the outcomes of the legal proceedings. The provision is recorded as an expense for the year. The update of this obligation is made according to the development of the legal proceeding or financial charges incurred and may be reversed if the loss estimate is no longer considered probable due to changes in circumstances, or when the obligation is settled. Contingent assets are disclosed when the associated economic benefits are probable and are only recognized in the financial statements in the period in which their realization is considered certain and their amount can be reliably measured.</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







































</div>
<div style="line-height: 1.2;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">a. Provisions for tax, civil and labor risks</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company and its subsidiaries are parties to tax, civil and labor disputes at the administrative and judicial levels. The table below presents the breakdown of provisions by nature and their changes:</font></p>






























</div>





























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</div>
<div style="line-height: 1.2;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><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'>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:0pt"><br></p>
<div style="width: 8.5in; margin: 0 auto;">
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>





















































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>


























































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>





















































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-style: solid; border-bottom-width: 2px; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-style: solid; border-bottom-width: 2px; border-bottom-color: #000080 !important;"><br></td>





















































</tr>












































































































</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><br></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 181px; width: 100%;" width="100%">

<tr style="height: 32px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 32px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Provisions</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 32px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Balance as </font><br><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">of 12/31/2023</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 32px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 32px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Additions</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 32px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 32px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Reversals</font><sup> <font style="font-weight: bold; line-height: inherit;">(1)</font></sup></font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 32px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 32px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Payments/</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">write-offs</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 32px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 32px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Interest</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 32px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 32px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Balance as </font><br><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">of 12/31/2024</font></p>











































</td>



































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>



































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 35%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IRPJ and CSLL (a.1)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">636,167</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">949</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(15,124)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(610,534)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">21,488</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">32,946</font></p>











































</td>



































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Tax</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">107,172</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">41,474</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(72,427)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(10,002)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">867</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">67,082</font></p>











































</td>



































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Civil, environmental and regulatory claims</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">150,258</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">66,215</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(19,002)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(35,519)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">161,972</font></p>











































</td>



































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Provision for indemnities (a.2)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">203,780</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19,519</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6,081)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(12,959)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,549</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">206,808</font></p>











































</td>



































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Labor</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">59,144</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">18,468</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(16,447)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(7,764)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">768</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">54,169</font></p>











































</td>



































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Others</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">147,609</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,564</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(15,148)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6,684)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,040</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">135,383</font></p>











































</td>



































</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,304,130</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">154,189</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(144,229)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(683,462)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">27,732</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">658,360</font></p>











































</td>



































</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Current</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">45,828</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">47,788</font></p>











































</td>



































</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-current</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,258,302</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">610,572</font></p>











































</td>



































</tr>















































































</table>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-size: 8pt;"><sup><font style="line-height: inherit;">(1) </font></sup></font>Of this amount, MR$ 28,612 corresponds to the reversals of updates.</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<table cellspacing="0" cellpadding="0" style="height: 152px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 32px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 32px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><font style="font-weight: bold; line-height: inherit;">Provisions</font><b style="mso-bidi-font-weight: normal;"><font style="color: #000000;"></font></b></font></p>











  </td>
<td style="padding: 0in 3pt; height: 32px; border-bottom: 1px solid #000000; vertical-align: bottom;" valign="bottom">
<p align="center" style="margin: 0in; text-align: center; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><b style="mso-bidi-font-weight: normal;"><font style="color: #000000;">Balance as of 12/31/2022</font></b><b style="mso-bidi-font-weight: normal;"><font style="color: black;"></font></b></font></p>











  </td>
<td style="padding: 0in 3pt; height: 32px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom">
<p align="center" style="margin: 0in; text-align: center; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 32px; border-bottom: 1px solid #000000; vertical-align: bottom;" valign="bottom">
<p align="center" style="margin: 0in; text-align: center; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><b style="mso-bidi-font-weight: normal;"><font style="color: #000000;">Additions</font></b><b style="mso-bidi-font-weight: normal;"><font style="color: #000000;"></font></b></font></p>











  </td>
<td style="padding: 0in 3pt; height: 32px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom">
<p align="center" style="margin: 0in; text-align: center; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 32px; border-bottom: 1px solid #000000; vertical-align: bottom;" valign="bottom">
<p align="center" style="margin: 0in; text-align: center; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><b style="mso-bidi-font-weight: normal;"><font style="color: #000000;">Reversals</font></b><b style="mso-bidi-font-weight: normal;"><font style="color: #000000;"></font></b></font></p>











  </td>
<td style="padding: 0in 3pt; height: 32px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom">
<p align="center" style="margin: 0in; text-align: center; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><b style="mso-bidi-font-weight: normal;"><font style="color: black;">&nbsp;</font></b></font></p>











  </td>
<td style="padding: 0in 3pt; height: 32px; border-bottom: 1px solid #000000; vertical-align: bottom;" valign="bottom">
<p align="center" style="margin: 0in; text-align: center; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><b style="mso-bidi-font-weight: normal;"><font style="color: #000000;">Payments</font></b><b style="mso-bidi-font-weight: normal;"><font style="color: #000000;"></font></b></font></p>











  </td>
<td style="padding: 0in 3pt; height: 32px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom">
<p align="center" style="margin: 0in; text-align: center; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 32px; border-bottom: 1px solid #000000; vertical-align: bottom;" valign="bottom">
<p align="center" style="margin: 0in; text-align: center; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><b style="mso-bidi-font-weight: normal;"><font style="color: #000000;">Interest</font></b><b style="mso-bidi-font-weight: normal;"><font style="color: #000000;"></font></b></font></p>











  </td>
<td style="padding: 0in 3pt; height: 32px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom">
<p align="center" style="margin: 0in; text-align: center; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 32px; border-bottom: 1px solid #000000; vertical-align: bottom;" valign="bottom">
<p align="center" style="margin: 0in; text-align: center; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><b style="mso-bidi-font-weight: normal;"><font style="color: #000000;">Acquisition of subsidiary</font></b><b style="mso-bidi-font-weight: normal;"><font style="color: black;"></font></b></font></p>











  </td>
<td style="padding: 0in 3pt; height: 32px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom">
<p align="center" style="margin: 0in; text-align: center; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 32px; border-bottom: 1px solid #000000; vertical-align: bottom;" valign="bottom">
<p align="center" style="margin: 0in; text-align: center; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><b style="mso-bidi-font-weight: normal;"><font style="color: #000000;">Balance as of 12/31/2023</font></b><b style="mso-bidi-font-weight: normal;"><font style="color: black;"></font></b></font></p>











  </td>











 </tr>
<tr style="height: 10px;">
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="left" style="margin: 0in; text-align: left; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom">
<p align="left" style="margin: 0in; text-align: left; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom">
<p align="left" style="margin: 0in; text-align: left; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom">
<p align="left" style="margin: 0in; text-align: left; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom">
<p align="left" style="margin: 0in; text-align: left; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom">
<p align="left" style="margin: 0in; text-align: left; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom">
<p align="left" style="margin: 0in; text-align: left; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom">
<p align="left" style="margin: 0in; text-align: left; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom">
<p align="left" style="margin: 0in; text-align: left; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom">
<p align="left" style="margin: 0in; text-align: left; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom">
<p align="left" style="margin: 0in; text-align: left; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom">
<p align="left" style="margin: 0in; text-align: left; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom">
<p align="left" style="margin: 0in; text-align: left; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom">
<p align="left" style="margin: 0in; text-align: left; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>











 </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; width: 31%; vertical-align: bottom;" valign="bottom">
<p align="left" style="margin: 0in; text-align: left; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000;">IRPJ and
  CSLL (a.1)</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; width: 9%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: black;">559,217</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; width: 9%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: black;">14,597</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; width: 9%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: black;">(6,717)</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; width: 9%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000;">&#8208;</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; width: 9%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: black;">69,070</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; width: 9%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000;">&#8208;</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; width: 9%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000;">636,167</font><font style="color: #000000;"></font></font></p>











  </td>











 </tr>
<tr style="height: 10px;">
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="left" style="margin: 0in; text-align: left; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000;">Tax</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: black;">68,434</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: black;">46,743</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: black;">(21,148)</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: black;">(14,747)</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: black;">27,101</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: black;">789</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000;">107,172</font><font style="color: #000000;"></font></font></p>











  </td>











 </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="left" style="margin: 0in; text-align: left; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000;">Civil,
  environmental and regulatory claims </font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: black;">93,416</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: black;">124,857</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: black;">(29,402)</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: black;">(39,071)</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000;">&#8208;</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: black;">458</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000;">150,258</font><font style="color: #000000;"></font></font></p>











  </td>











 </tr>
<tr style="height: 10px;">
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="left" style="margin: 0in; text-align: left; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000;">Labor
  litigation</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: black;">73,172</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: black;">27,333</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: black;">(27,308)</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: black;">(16,310)</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: black;">2,257</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000;">&#8208;</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000;">59,144</font><font style="color: #000000;"></font></font></p>











  </td>











 </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="left" style="margin: 0in; text-align: left; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000;">Provision
  for indemnities (a.2)</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: black;">150,820</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: black;">32,691</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: black;">(7,969)</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000;">&#8208;</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: black;">28,238</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000;">&#8208;</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000;">203,780</font><font style="color: #000000;"></font></font></p>











  </td>











 </tr>
<tr style="height: 10px;">
<td style="padding: 0in 3pt; height: 10px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom">
<p align="left" style="margin: 0in; text-align: left; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000;">Others</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; border-bottom: 1px solid #000000; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: black;">95,113</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; border-bottom: 1px solid #000000; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: black;">47,329</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; border-bottom: 1px solid #000000; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: black;">(8,031)</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; border-bottom: 1px solid #000000; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000;">&#8208;</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; border-bottom: 1px solid #000000; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: black;">13,198</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; border-bottom: 1px solid #000000; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000;">&#8208;</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; border-bottom: 1px solid #000000; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000;">147,609</font><font style="color: #000000;"></font></font></p>











  </td>











 </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="left" style="margin: 0in; text-align: left; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>











 </tr>
<tr style="height: 10px;">
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="left" style="margin: 0in; text-align: left; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000;">Total</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; border-bottom: 2.8pt double #000000; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: black;">1,040,172</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; border-bottom: 2.8pt double #000000; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: black;">293,550</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; border-bottom: 2.8pt double #000000; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: black;">(100,575)</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; border-bottom: 2.8pt double #000000; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: black;">(70,128)</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; border-bottom: 2.8pt double #000000; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: black;">139,864</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; border-bottom: 2.8pt double #000000; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: black;">1,247</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; border-bottom: 2.8pt double #000000; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000;">1,304,130</font><font style="color: #000000;"></font></font></p>











  </td>











 </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="left" style="margin: 0in; text-align: left; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>











 </tr>
<tr style="height: 10px;">
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="left" style="margin: 0in; text-align: left; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000;">Current</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000;">22,837</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000;">45,828</font><font style="color: #000000;"></font></font></p>











  </td>











 </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="left" style="margin: 0in; text-align: left; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000;">Non-current</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000;">1,017,335</font><font style="color: #000000;"></font></font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">&nbsp;</font></p>











  </td>
<td style="padding: 0in 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0in; text-align: right; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000;">1,258,302</font><font style="color: #000000;"></font></font></p>











  </td>











 </tr>






















</table>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><br></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Balances of escrow deposits by nature are as follows:</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 11.35pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>











































</td>



































</tr>
<tr style="height: 11.35pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 79%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Tax (a.1)</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">306,593</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">856,830</font></p>











































</td>



































</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Labor</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">24,070</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">37,715</font></p>











































</td>



































</tr>
<tr style="height: 11.35pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Civil and others</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">115,413</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">138,172</font></p>











































</td>



































</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">446,076</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,032,717</font></p>











































</td>



































</tr>















































































</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In the year ended December 31, 2024, the monetary variation on escrow deposits amounted to R$&nbsp;45,336 (R$ 62,217 as of December 31, 2023), recorded with a corresponding entry to financial income in profit or loss.</font></p>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">a.1 Provision for tax matters</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On October 7, 2005, subsidiaries Ultragaz and Bahiana filed a writ of mandamus, in which a preliminary injunction was granted, later confirmed in a favorable lower court ruling on May 16, 2008. The decision authorized the offsetting of PIS and COFINS credits on the acquisition of LPG against&nbsp; debts from other federal taxes, and required them to make escrow deposits until the outcome of the litigation. On July 18, 2014, after an appellate court unfavorable decision, aligned with the STJ case law (Case 1.093), the subsidiaries suspended the escrow deposits and resumed the payment of the taxes. On October 21, 2024, with the withdrawal of the proceeding and a final and unappealable&nbsp;decision,&nbsp; the provision relating to this thesis was reverted and the escrow deposits, in the amount of R$ 621,009, were fully drawn down by the Federal Government, with no impact on profit or loss.</font></p>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&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"><font class='pageno'>60</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:0pt"><br></p>
<div style="width: 8.5in; margin: 0 auto;">
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>























































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>




























































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>























































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-style: solid; border-bottom-width: 2px; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-style: solid; border-bottom-width: 2px; border-bottom-color: #000080 !important;"><br></td>























































</tr>
















































































































</table>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><br></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">a.2 Provision for indemnities</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.05pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On April 1, 2022, Ultrapar concluded the sale of Oxiteno, assuming the responsibility for losses resulting from acts that occurred prior to the closing of the transaction, pursuant to the purchase and sale agreement.&nbsp;The total provision recorded for the reimbursement to Indorama, in the event the losses materialize, is R$ 174,408 (R$ 168,567 as of December 31, 2023), of which R$ 95,274 (R$&nbsp;92,823 as of December 31, 2023) for labor claims, R$ 26,074 (R$ 17,584 as of December 31, 2023) for civil claims and R$ 53,060 (R$ 58,160 as of December 31, 2023) for tax claims.</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On August 1, 2022, Ultrapar also concluded the sale of Extrafarma with subsidiary Ipiranga assuming the responsibility for losses prior to the closing of the transaction.&nbsp;Thus, a provision for the reimbursement to Pague Menos was recorded, in the event the losses materialize, totaling R$ 32,400 as of December 31, 2024 (R$ 35,074 as of December 31, 2023) referring to the provision for indemnity, of which R$ 12,074 (R$ 16,259 as of December 31, 2023) for labor claims, R$ 7,007 (R$&nbsp;6,420 as of December 31, 2023) for civil claims and R$ 13,319 (R$ 12,395 as of December 31, 2023) for tax claims.</font></p>
<p style="margin: 0pt;"><br></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">b. Contingent liabilities (possible)</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company and its subsidiaries are parties to tax, civil, environmental, regulatory, and labor claims whose likelihood of loss is assessed by the legal departments of the Company and its subsidiaries as possible, based on the analysis and opinion of their external legal advisors. Based on these assessments, no provision for these contingencies was recorded in the financial statements.</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 11.35pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Contingent liabilities (possible)</font></p>











































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>











































</td>



































</tr>
<tr style="height: 11.35pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; width: 79%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Tax (b.1)</font></p>











































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,176,046</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,148,224</font></p>











































</td>



































</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Civil (b.2)</font></p>











































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">815,203</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">624,653</font></p>











































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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Labor</font></p>











































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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">293,938</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">240,515</font></p>











































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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,285,187</font></p>











































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>











































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,013,392</font></p>











































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<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">b.1 Contingent tax liabilities</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company and its subsidiaries are also parties to administrative and judicial proceedings involving IRPJ, CSLL, PIS and COFINS, substantially involving denials of offset claims and credit disallowance which total R$ 2,049,421 in December 31, 2024 (R$ 1,394,010 as of December 31, 2023), mainly represented by a tax assessment related to the IRPJ and CSLL resulting from the alleged undue amortization of the goodwill paid on the acquisition of investments, in the amount of R$ 266,619 as of December 31, 2024 (R$ 251,789 as of December 31, 2023).</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Additionally, subsidiary Ipiranga and its subsidiaries have legal proceedings related to ICMS totaling R$ 1,357,445 as of December 31, 2024 (R$ 1,380,424 as of December 31, 2023). The main proceedings include: i) credits considered undue in the amount of R$ 94,640 as of December 31, 2024 (R$ 149,061 as of December 31, 2023), ii) alleged non-payment in the amount of R$ 154,914 as of December 31, 2024 (R$ 196,693 as of December 31, 2023); iii) conditioned fruition of tax incentive in the amount of R$ 191,549 as of December 31, 2024 (R$ 193,912 as of December 31, 2023); iv) inventory differences in the amount of R$ 279,448 as of December 31, 2024 (R$ 282,254 as of December 31, 2023); v) 2% surcharge on products considered non-essential (hydrated ethanol) in the amount of R$ 223,691 as of December 31, 2024 (R$ 271,518 as of December 31, 2023).</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In addition, subsidiary Ipiranga and its subsidiaries are discussing the offset of excise tax (&#8220;IPI&#8221;) credits related to raw materials used in the manufacturing of products subject to taxation, which were subsequently sold and were not subject to IPI under the tax immunity. The amount of this contingency is R$ 194,508 as of December 31, 2024 (R$ 185,388 as of December 31, 2023). </font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">b.2 Contingent civil liabilities</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Most of the proceedings against Ultragaz totaling R$ 187,460 as of December 31, 2024 (R$ 113,756 as of December 31, 2023) were filed by resellers seeking indemnity, nullity and termination of distribution agreements.</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">c. Lubricants operation between Ipiranga and Chevron</font></p>
<p style="margin: 5pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The provisions of shareholder Chevron&#8217;s liability amount to R$ 36,146 (R$ 29,022 as of December 31, 2023), for which an indemnity asset was recorded, referring mainly to: i) R$ 32,380 (R$ 25,777 as of December 31, 2023) in ICMS assessments on sales for industrial purposes, in which the STF closed the judgment of the thesis unfavorably to taxpayers; ii) R$ 3,545 (R$ 3,020 as of December 31, 2023) in labor claims. </font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Additionally, due to a business combination, on December 1, 2017, a provision of R$ 198,900 was recorded relating to contingent liabilities and an indemnification asset in the same amount was recognized, with a current balance of R$ 89,952 as of December 31, 2024 (R$ 95,905 as of December 31, 2023). The amounts of provisions and contingent liabilities related to the business combination and the liability of the shareholder Chevron will be reimbursed to subsidiary Iconic in the event of losses without the need to recognize an allowance for expected credit losses.</font></p>





























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<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
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<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>


























































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<td style="width: 55.9738%; height: 17px; border-bottom-style: solid; border-bottom-width: 2px; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
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<div style="background-color: #002060; margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2; text-align: justify;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_7_1812025164641105" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">19. Subscription warrants &#8211; indemnification</font></a></div>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Because of the association between the Company and Extrafarma on January 31, 2014, 7 subscription warrants &#8211; indemnification were issued, corresponding to up to 6,411,244 shares of the Company. </font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On February 15, 2023, August 9, 2023, February 28, 2024 and August 7, 2024, the Board of Directors confirmed the issuance of 31,211, 8,199, 191,778 and 35,235, respectively, common shares within the authorized capital limit provided by article 6 of the Company&#8217;s Bylaws, due to the partial exercise of the rights conferred by the subscription warrants.</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As set out in the association agreement between the Company and Extrafarma of January 31, 2014 and due to the unfavorable decisions on some lawsuits with triggering events prior to January 31, 2014, 775,291 shares linked to the subscription warrants &#8211; indemnification were canceled and not issued. As of December 31, 2024, R$ 31,657 was recorded as financial income (financial expenses of R$ 45,084 as of December 31, 2023) due to the update of subscription warrants, and 3,006,641 shares linked to subscription warrants &#8211; indemnification remain retained which may be issued or canceled depending on whether the final decisions on the lawsuits will be favorable or unfavorable, being the maximum number of shares that can be issued in the future, totaling R$ 47,745 (R$ 87,299 as of December 31, 2023).</font></p>
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<div style="background-color: #002060; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_8_1812025164717105" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">20. Equity</font></a></div>
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">a. Share capital</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As of December 31, 2024, the subscribed and paid-up capital consists of 1,115,439,503 common shares with no par value (1,115,212,490 as of December 31, 2023), and the issuance of preferred shares and participation certificates is prohibited. Each common share entitles its holder to one vote at Shareholders&#8217; Meetings. </font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On April 19, 2023 the Ordinary General Shareholders&#8217; Meeting approved the increase in the Company's capital in the total amount of R$ 1,450,000, without the issuance of shares, through the incorporation into the share capital of part of the amounts recorded in the statutory reserve for investments, of R$ 567,425, and amounts recorded in the legal reserve, of R$ 882,575.</font></p>
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<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The price of the outstanding shares on B3 as of December 31, 2024 was R$ 15.88 (R$ 26.51 as of December 31, 2023).</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As of December 31, 2024, there were 65,757,889 common shares outstanding abroad in the form of ADRs (52,197,033 shares as of December 31, 2023).</font></p>
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<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
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<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>















































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<td style="width: 55.9738%; height: 17px; border-bottom: 1.5pt solid #000080;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
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<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">b. Equity instrument granted</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company has a share-based incentive plan, which establishes the general terms and conditions for the concession of common shares issued by the Company and held in treasury (see Note 8.d). As of December 31, 2024, the balance of treasury shares granted with right of use was 14,083,439 common shares (9,515,384 as of December 31, 2023).</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">c. Treasury shares</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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, in accordance with CVM Resolutions 2/20 and 77/22. </font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On November 28, 2024, the Company's Board of Directors approved a buyback program of shares issued by the Company, effective for twelve months starting on December 2, 2024 and limited to a maximum of 25,000,000 common shares. In 2024, 8,900,000 shares were acquired at an average cost of R$ 16.74 per share.</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As of December 31, 2024, the balance was R$ 596,400 (R$ 470,510 as of December 31, 2023) and 19,283,471 common shares (16,195,439 as of December 31, 2023) were held unrestricted in the Company's treasury, acquired at an average cost of R$ 17.87 per share.</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




























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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>




























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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Balance of unrestricted shares held in treasury </font></p>




























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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




























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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19,283,471</font></p>




























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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Balance of treasury shares granted with right of use (see Note 20.b)</font></p>




























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




























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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,083,439</font></p>




























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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total balance of treasury shares as of December 31, 2024</font></p>




























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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">33,366,910</font></p>




























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<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 11pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">d. Capital reserve</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The capital reserve reflects the gain or loss on the disposal of shares for concession of usufruct to executives of the Company's subsidiaries, when the plan is finalized, as mentioned in Note 8.d. Because of the association with Extrafarma in 2014, the Company recognized an increase in the capital reserve in the amount of R$ 498,812, due to the difference between the value attributed to share capital and the market value of the Ultrapar shares on the date of issuance, less R$ 2,260 related to the costs for the issuance of these shares. Additionally, on February 15, 2023, August 9, 2023, February 28, 2024 and August 7, 2024, there was an increase in the reserve in the amounts of R$ 411, R$ 149, R$ 5,631 and R$ 821, respectively, due to the partial exercise of the subscription warrants &#8211; indemnification (see Note 19).</font></p>
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<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
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<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>















































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<td style="width: 55.9738%; height: 17px; border-bottom: 1.5pt solid #000080;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
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<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">e. Revaluation reserve</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The revaluation reserve, recognized prior to the adoption of the international accounting standards (CPC / IFRS Accounting Standards) instituted by Law 11,638/07 (&#8220;Brazilian Corporate Law&#8221;), 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></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><br></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">f. Profit reserves</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-style: italic; font-weight: bold; line-height: inherit;">f.1</font><font style="font-style: italic; font-weight: bold; line-height: inherit;">&nbsp;</font><font style="font-style: italic; font-weight: bold; line-height: inherit;">Legal reserve</font></font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Under Brazilian Corporate Law the Company is required to allocate 5% of net annual earnings to a legal reserve, until the balance reaches 20% of share capital. As of December 31, 2024, the legal reserve totaled R$ 240,127 (R$ 121,990 as of December 31, 2023). This reserve may be used to increase capital or to absorb losses but may not be distributed as dividends.</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">f.2 Investments statutory reserve</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In compliance with Article 194 of the Brazilian Corporate Law and Article 54 of the Bylaws, this reserve is aimed to protect the integrity of the Company&#8217;s assets and to supplement its share capital, in order to allow new investments to be made. As provided for in its bylaws, the Company may allocate up to 75% of the annual net income, after deducting the legal reserve, to the investments reserve, up to the limit of 100% of the share capital.</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The investments reserve is free of distribution restrictions and totaled R$ 7,746,973 as of December 31, 2024 (R$ 6,267,569 as of December 31, 2023). </font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">g. Accumulated other comprehensive income</font></p>
<p style="margin: 2pt 0pt 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><br></p>
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<td style="width: 3%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</font></td>
<td style="width: 97%; vertical-align: top; text-align: justify;" valign="top"><font style="text-indent: -28.3333px; line-height: inherit;">Gains and losses on the hedging instruments of exchange rate related to firm commitment and highly probable transactions designated as cash flows hedges are recognized in equity as &#8220;Accumulated other comprehensive income&#8221;. Gains and losses are reclassified to initial cost of non-financial assets recognized in the statement of income at the moment of paid-off of the hedge instrument.</font></td>



















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<td style="vertical-align: top;" valign="top"><font style="font-size: 8pt;"><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: justify; text-indent: -28.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">(ii)</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;">&nbsp;</font></font></td>
<td style="text-align: justify; vertical-align: top;" valign="top"><font style="text-indent: -28.3333px;">The variation in exchange rates on assets, liabilities and profit or loss of foreign associates with a functional currency different from the functional currency of the Company and its own management is recognized directly in 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></td>



















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<td style="vertical-align: top;" valign="top"><font style="font-size: 8pt;"><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: justify; text-indent: -28.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">(iii)</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;">&nbsp;</font></font></td>
<td style="padding: 0px; vertical-align: top;" valign="top">
<p style="margin: 2pt 0pt 0pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Actuarial gains and losses relating to post-employment benefits, calculated based on a valuation conducted by an independent actuary, are recognized in equity under the heading &#8220;Accumulated other comprehensive income&#8221;. Gains and losses recorded in equity are not reclassified to profit or loss in subsequent periods.</font></font></p>



















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<td style="vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(iv)</font></td>
<td style="text-align: justify; vertical-align: top;" valign="top"><font style="text-indent: -28.3333px;">The Company also recognizes in this line item 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-controlling interest was adjusted and the fair value of the consideration received or paid and represents a transaction with shareholders.</font></td>



















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<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>















































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>










































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom: 1.5pt solid #000080;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; border-bottom: 1.5pt solid #000080; width: 43.9853%; height: 17px;"><br></td>










































</tr>






















































































</table>
























</div>
<div>
<p style="margin: 2pt 0pt 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 2pt 0pt 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Balance and changes in Accumulated other comprehensive income of the Company are as follows:</font></p>
<p style="margin: 2pt 0pt 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: Aptos; font-size: 10pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 246px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 42px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 42px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 42px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><font style="font-weight: bold;">Fair value of cash flow hedging instruments (</font><font style="font-weight: bold;">i</font><font style="font-weight: bold;">)</font></font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 42px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 42px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Cumulative translation adjustments (ii)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 42px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 42px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><font style="font-weight: bold;">Actuarial </font><font style="font-weight: bold;">gain/(</font><font style="font-weight: bold;">loss) of post-employment benefits (iii)</font></font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 42px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 42px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Non-controlling shareholders interest change (iv)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 42px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 42px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Others</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 42px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 42px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Total</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 34%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">As of December 31, 2022</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(18,142)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">197,369</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">747</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">179,974</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Changes in fair value of financial instruments</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(11,375)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">284</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(11,091)</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">IRPJ and CSLL on fair value</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,691</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,691</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Actuarial gains of own and subsidiaries&#8217; post-employment benefits</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(28,710)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(28,710)</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">IRPJ and CSLL on actuarial gains</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10,244</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10,244</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">As of December 31, 2023</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(7,684)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(36,608)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">197,369</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">1,031</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">154,108</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Changes in fair value of financial instruments</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12,186</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">52</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12,238</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">IRPJ and CSLL on fair value</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,691)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,691)</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Actuarial gains of own and subsidiaries&#8217; post-employment benefits</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">24,587</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">24,587</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">IRPJ and CSLL on actuarial gains</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(9,164)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(9,164)</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Currency translation adjustment of foreign associates</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">36,134</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">36,134</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">As of December 31, 2024</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">811</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">36,134</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(21,185)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">197,369</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">1,083</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">214,212</font></p>




























</td>
























</tr>





















































</table>
<p style="margin: 2pt 0pt 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: Aptos; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">h. Approval of additional dividends to the minimum mandatory dividends</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On February 28, 2024, the Board of Directors approved and on April 17, 2024 the Ordinary General Shareholders&#8217; Meeting ratified the payment of the Company&#8217;s additional dividends to the Company's minimum mandatory dividends related to 2023 in the amount of R$ 134,031.</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On August 7, 2024, the Board of Directors approved the advance payment of the 2024 dividends in the amount of R$ 275,971, corresponding to R$ 0.25 per common share, payable as of August 23, 2024, without remuneration or monetary variation.</font></p>
<div>
<br></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'>65</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 style="width: 8.5in; margin: 0 auto;">
<div>
<p style="margin:0pt"><br></p>
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>










































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>















































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>










































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom: 1.5pt solid #000080;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; border-bottom: 1.5pt solid #000080; width: 43.9853%; height: 17px;"><br></td>










































</tr>






















































































</table>
























</div>
<div>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">i. Allocation of income for the year</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The shareholders of the Company are entitled under the Bylaws to a minimum annual dividend of 25% of adjusted net income, after allocation of 5% to the legal reserve, calculated in accordance with Brazilian Corporate Law. Dividends and interest on capital proposed above the statutory obligation are recognized in equity until approved at the shareholders&#8217; meeting. The proposed dividends payable that refer to the year 2023, the amount of which as of December 31, 2023 totaled R$ 109,515 (R$ 0.10 - ten cents of Brazilian Real per share), were approved by the Board of Directors on February 15, 2024 and were paid from March 3, 2024 onwards. The proposed dividends payable for the year 2024, the amount of which as of December 31, 2024 totaled R$ 493,301 (R$ 0.45 - forty-five cents of Brazilian Real per share) were approved by the Board of Directors on February 26, 2025 and will be paid from March 15, 2025 onwards.</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The management's proposal for the allocation of net income for 2024 and for distribution of dividends is as follows:</font></p>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: Aptos; font-size: 10pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 252px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 14px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; text-decoration: underline;">Allocation of net income</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net income for the year attributable to shareholders of Ultrapar</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,362,740</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Legal reserve (5% of the profit)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(118,137)</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 89%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Adjusted net income (basis for dividends)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,244,603</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Minimum mandatory dividends for the year (25% of the adjusted net income)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">561,151</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Interim dividends already distributed (R$ 0.25 per share)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(275,971)</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Additional dividends to the minimum mandatory dividends</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">208,121</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Balance of proposed dividends payable (R$ 0.45 per share)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">493,301</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; text-decoration: underline;">Allocation of net income</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Legal reserve (5% of the profit)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">118,137</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Statutory reserve</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,475,331</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Interim dividends</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">275,971</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Complementary minimum mandatory dividends for the year (25% of the adjusted net income (-) interim dividends)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">285,180</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Additional dividends to the minimum mandatory dividends</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">208,121</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total distribution of net income for the year attributable to shareholders of Ultrapar</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,362,740</font></p>




























</td>
























</tr>





















































</table>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: Aptos; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Changes in dividends payable are as follows:</font></p>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: Aptos; font-size: 10pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 93px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 11px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 11px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Parent</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 11px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Consolidated</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 79%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Balance as of December 31, 2023</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">314,418</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">334,641</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Dividends payable</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">695,182</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">829,857</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Dividends prescribed</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,369)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,369)</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Payments</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(713,066)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(833,658)</font></p>




























</td>
























</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Balance as of December 31, 2024</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">293,165</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">327,471</font></p>




























</td>
























</tr>





















































</table>
<div>
<p style="margin:0pt"><br></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"><font class='pageno'>66</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 style="width: 8.5in; margin: 0 auto;">
<div>
<p style="margin:0pt"><br></p>
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>










































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>















































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>










































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom: 1.5pt solid #000080;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; border-bottom: 1.5pt solid #000080; width: 43.9853%; height: 17px;"><br></td>










































</tr>






















































































</table>
























</div>
<div>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="background-color: #002060; margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_9_181202516488850" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">21. Net revenue from sales and services (Consolidated)</font></a></div>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Revenues from sales and services rendered under contracts with customers are recognized on the accrual basis when, or as, performance obligations are satisfied by transferring the control of a promised good or service to a customer in such a way that the customer obtains substantially all rewards generated, according to the obligations of each transaction, and when it is highly probable that the Company and its subsidiaries will receive the consideration in exchange for the transferred goods or services.</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company and its subsidiaries recognize revenue under the 5-step model, in accordance with IFRS 15/CPC 47: (1) identification of contracts with customers; (2) identification of the performance obligations; (3) determination of the transaction price; (4) allocation of the transaction price to performance obligations under the contracts, and (5) revenue recognition when (or as) the performance obligation is satisfied and the control of the goods and services is transferred to the customer.</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Revenue is measured and stated at the fair value of the consideration to which the Company and its subsidiaries expect to be entitled to, less returns, discounts, rebates, sales taxes, amortization of assets from contracts with customers, and other deductions, if applicable. The Company&#8217;s subsidiaries do not have obligations for return or refund in their contracts with customers and do not have significant financing component that directly impacts the determination of the expected consideration.</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: Aptos; font-size: 10pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 157px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 14px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 79%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Sales revenue:</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Merchandise</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">137,047,316</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">128,570,541</font></p>




























</td>
























</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Services rendered and others</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,814,590</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,673,985</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt;">Electricity </font><font style="font-size: 8pt; vertical-align: super;">(1)</font></font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">195,438</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
























</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 13px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Sales returns, rebates and discounts</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 13px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,122,338)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 13px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 13px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,013,600)</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Amortization of contract assets</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(555,083)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(607,445)</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">137,379,923</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">128,623,481</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Taxes on sales</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,881,010)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,574,780)</font></p>




























</td>
























</tr>
<tr style="height: 12px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 12px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net revenue</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 12px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">133,498,913</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 12px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 12px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">126,048,701</font></p>




























</td>
























</tr>





















































</table>
<p style="margin:0pt"><br></p>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse;">

<tr>
<td style="width: 3%; text-align: left;"><font style="font-size: 8pt;"><sup><font style="font-family: 'times new roman', times;"><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(1)</font></font></sup></font></td>
<td style="width: 97%; vertical-align: bottom;" valign="bottom"><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: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: Aptos; line-height: inherit;"><font>&nbsp;</font></font><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: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Refers to revenue from the sale of electricity of subsidiary Witzler, acquired by Ultragaz in 2024. For further information, see Note 28.b.</font></td>























</tr>















































</table>
<div>
<p style="margin:0pt"><br></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"><font class='pageno'>67</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:0pt"><br></p>

















</div>
<div style="line-height: 1.2;">
<div>
<div style="width: 8.5in; margin: 0 auto;">
<div>
<p style="margin:0pt"><br></p>
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>










































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>















































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>










































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom: 1.5pt solid #000080;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; border-bottom: 1.5pt solid #000080; width: 43.9853%; height: 17px;"><br></td>










































</tr>






















































































</table>
























</div>
<div>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="background-color: #002060; margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_10_1812025164856139" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">22. Costs, expenses and other operating results by nature</font></a></div>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company presents its results by nature in the consolidated statement of income and details below its costs, expenses and other operating results by nature:</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: Aptos; font-size: 10pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 320px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Parent</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>




























</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Consolidated</font></p>




























</td>
























</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 57%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Raw materials and materials for use and consumption</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(121,796,193)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(114,657,376)</font></p>




























</td>
























</tr>
<tr style="height: 14px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Personnel expenses</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(248,179)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(225,596)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,591,309)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,335,738)</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Freight and storage</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,276,230)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,378,054)</font></p>




























</td>
























</tr>
<tr style="height: 13px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 13px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Decarbonization obligation <font style="vertical-align: super; font-size: 8pt;">(a)</font></font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 13px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 13px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 13px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 13px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 13px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(584,371)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 13px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 13px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(740,298)</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Services provided by third parties</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(74,375)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(80,526)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(759,638)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(662,542)</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Depreciation and amortization</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(15,808)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(10,216)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(900,673)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(840,377)</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Amortization of right-of-use assets</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,864)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,291)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(312,060)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(305,900)</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Advertising and marketing</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,779)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(677)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(221,344)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(235,167)</font></p>




























</td>
























</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Extemporaneous tax credits <font style="vertical-align: super; font-size: 8pt;">(b)</font></font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">19,527</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other expenses and income, net</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(6,908)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,506</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(155,806)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(468,794)</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">SSC/Holding expenses</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">319,422</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">297,726</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(30,491)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(19,074)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(128,597,624)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(121,604,719)</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Classified as:</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cost of products and services sold</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(123,811,893)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(116,730,469)</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Selling and marketing </font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,499,547)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,253,226)</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">General and administrative</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(48,834)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(65,850)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,872,092)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,018,159)</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other operating income (expenses), net </font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">18,343</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">46,776</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(414,092)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(602,865)</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(30,491)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(19,074)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(128,597,624)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(121,604,719)</font></p>




























</td>
























</tr>





















































</table>
<p style="margin:0pt"><br></p>
<table style="width: 100%; margin-left: 0.1px; height: 20px; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 3%; height: 10px; text-align: left; padding: 1px 1px 0px; vertical-align: top;" valign="top">
<p><font style="width: 3%; height: 43px;"><sup><font style="width: 3%; height: 43px;">(a)</font></sup></font><sup><font style="width: 3%; height: 43px;"><font>&nbsp;</font></font></sup></p>























</td>
<td style="width: 97%; height: 10px; vertical-align: top; padding: 1px 1px 0px;" valign="top">
<p style="text-align: justify; line-height: 1.1;"><font style="line-height: inherit;">Refers to the obligation established by the </font>RenovaBio<font style="line-height: inherit;"> program to meet </font>decarbonization<font style="line-height: inherit;"> targets for the gas and oil sector. The amounts are presented in Other operating income (expenses), net. For further information, see Note 14</font></p>























</td>























</tr>
<tr style="height: 10px;">
<td style="height: 10px; width: 3%; text-align: left;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><sup><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(b)</font></sup></font></td>
<td style="height: 10px; width: 97%; vertical-align: top;" valign="top"><font style="font-weight: bold; line-height: inherit;"><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: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; vertical-align: super; line-height: inherit; font-size: 8pt;"><font style="line-height: inherit;">&nbsp;</font></font><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: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Refers substantially to the exclusion of ICMS from the PIS and COFINS calculation basis.</font></font></td>























</tr>















































</table>
<p style="margin: 0pt; line-height: 1.2; text-align: justify;"><br></p>






















</div>
<div style="line-height: 1.2;">
<div style="background-color: #002060; margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_11_1812025164918180" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">23. Financial result</font></a></div>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: Arial; font-size: 12pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 298px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 13px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 13px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 13px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Parent</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 13px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>




























</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 13px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Consolidated</font></p>




























</td>
























</tr>
<tr style="height: 14px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 14px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 14px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 14px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 14px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>




























</td>
























</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; width: 57%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Finance income:</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; width: 10%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; width: 1%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; width: 10%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; width: 1%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; width: 10%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; width: 1%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; width: 10%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Interest on financial investments</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">25,470</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">48,061</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">514,460</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">518,607</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Interest from customers</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">173,184</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">127,562</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Update of subscription warrants (see Note 19)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">31,657</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">31,657</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Selic interest on PIS/COFINS credits</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">57,839</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">132,257</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Update of provisions and other income</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">11,739</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">48,888</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">103,934</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">102,458</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">68,869</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">96,949</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">881,074</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">880,884</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Financial expenses:</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Interest on loans</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(911)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(43,902)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,235,748)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,482,183)</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Interest on leases payable</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(788)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(684)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(133,767)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(143,005)</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Update of subscription warrants (see Note 19)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(45,084)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(45,084)</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Bank charges, financial transactions tax, and other taxes</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(12,744)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(14,416)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(151,518)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(156,481)</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; break-after: avoid; break-inside: avoid; text-indent: 0.4pt; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign exchange variations, net of gain (loss) on derivative financial instruments</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,624</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,051)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(280,861)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">38,161</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Update of provisions, net, and other expenses</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(8,140)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(10,595)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(11,114)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(91,422)</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(20,959)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(115,732)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,813,008)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,880,014)</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">47,910</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(18,783)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(931,934)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(999,130)</font></p>




























</td>
























</tr>





















































</table>
<div><br></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'>68</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 style="width: 8.5in; margin: 0 auto;">
<p style="margin:0pt"><br></p>
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>










































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>















































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>










































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom: 1.5pt solid #000080;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; border-bottom: 1.5pt solid #000080; width: 43.9853%; height: 17px;"><br></td>










































</tr>






















































































</table>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="background-color: #002060; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_12_1812025165017736" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">24. Earnings per share (Parent and Consolidated)</font></a></div>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The table below presents a reconciliation of numerators and denominators used in computing earnings per share. The Company has a stock plan and subscription warrants, as mentioned in Notes&nbsp;8.d and 19, respectively.</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: Aptos; font-size: 10pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 295px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 79%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold;">Basic earnings per share</font><font style="font-weight: bold;">&nbsp;</font> </font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net income for the year of the Company</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,362,740</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,439,795</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Weighted average number of shares outstanding (in thousands)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,102,130</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,095,469</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Basic earnings per share - R$</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2.1438</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2.2272</font></p>




























</td>
























</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
























</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Diluted earnings per share </font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
























</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
























</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net income for the year of the Company</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,362,740</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,439,795</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Weighted average number of outstanding shares (in thousands), including dilution effects</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,117,595</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,104,942</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Diluted earnings per share - R$</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2.1141</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2.2081</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Weighted average number of shares (in thousands)</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Weighted average number of shares for basic earnings per share</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,102,130</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,095,469</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Dilution effect</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Subscription warrants</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,051</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,334</font></p>




























</td>
























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Stock plan</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12,414</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,139</font></p>




























</td>
























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Weighted average number of shares for diluted earnings per share</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,117,595</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,104,942</font></p>




























</td>
























</tr>





















































</table>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Earnings per share were adjusted retrospectively by the issuance of 2,629,311 common shares due to the partial exercise of the rights conferred by the subscription warrants disclosed in Note 19.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br></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'>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: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="width: 8.5in; margin: 0 auto;">
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>











































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>
















































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>











































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom: 1.5pt solid #000080;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; border-bottom: 1.5pt solid #000080; width: 43.9853%; height: 17px;"><br></td>











































</tr>
























































































</table>
<div>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="background-color: #002060; margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_13_1812025165057874" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">25. Segment information</font></a><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><br></font></div>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The segments shown in these financial statements are strategic business units supplying different products and services. Intersegment sales are made considering the conditions negotiated between the parties.</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The main segments are presented in the table below: </font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: Aptos; font-size: 10pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 95px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 11.1764%; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt 5.4pt; break-after: avoid; break-inside: avoid; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Segment</font></p>





























</td>
<td style="padding: 0px 0px 0px 7px; width: 88.8236%; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt 0pt; break-after: avoid; break-inside: avoid; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Main activities</font></p>





























</td>





























</tr>
<tr style="height: 35px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 11.1764%; height: 35px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt 5.4pt; break-after: avoid; break-inside: avoid; text-indent: 0pt; text-align: left; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultragaz</font></p>





























</td>
<td style="padding: 0px 0px 0px 7px; width: 88.8236%; height: 35px; vertical-align: bottom; text-align: justify; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Distribution of liquefied petroleum gas (LPG) in the segments: bulk, comprising condominiums, trade, services, industries and agribusiness; and bottled, mainly comprising residential consumers. To expand the offer of energy solutions to its customers, the company also operates in the segments of renewable energy solutions and compressed natural gas.</font></p>





























</td>





























</tr>
<tr style="height: 26px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 11.1764%; height: 26px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt 5.4pt; break-after: avoid; break-inside: avoid; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Ipiranga</font></p>





























</td>
<td style="padding: 0px 0px 0px 7px; width: 88.8236%; height: 26px; vertical-align: bottom; text-align: justify; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; text-align: justify; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Distribution and sale of oil-related products, biofuels and similar products (gasoline, ethanol, diesel, fuel oil, kerosene, natural gas for vehicles, and lubricants) to service stations that operate under the Ipiranga brand throughout Brazil and to major consumers and carrier-reseller-retailer (TRRs), as well as in the convenience stores and automotive services segments.</font></p>





























</td>





























</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 11.1764%; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt 5.4pt; break-after: avoid; break-inside: avoid; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Ultracargo</font></p>





























</td>
<td style="padding: 0px 0px 0px 7px; width: 88.8236%; height: 17px; vertical-align: bottom; text-align: justify; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Operates in specialized liquid bulk storage solutions in the main logistics centers of Brazil.</font></p>





























</td>





























</tr>



























































</table>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><font style="font-family: Aptos; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">a. Geographic area information</font></p>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><font style="font-family: Aptos; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The subsidiaries generate revenue from operations in Brazil, as well as from exports of products and services to foreign customers, as disclosed below:</font></p>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><font style="font-family: Aptos; font-size: 10pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 146px; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>





























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>





























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>





























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>





























</td>

























</tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net revenue from sales and services:</font></p>





























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>





























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>





























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>





























</td>

























</tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Brazil</font></p>





























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 132,311,614</font></p>





























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>





























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 124,400,378</font></p>





























</td>

























</tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Europe</font></p>





























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 50,717</font></p>





























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>





























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 202,665</font></p>





























</td>

























</tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">United States of America and Canada</font></p>





























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 681,136</font></p>





























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>





























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 1,084,594</font></p>





























</td>

























</tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other Latin American countries</font></p>





























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 202,949</font></p>





























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>





























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 204,306</font></p>





























</td>

























</tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Singapore</font></p>





























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">166,673</font></p>





























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>





























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">145,082</font></p>





























</td>

























</tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Others</font></p>





























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 85,824</font></p>





























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>





























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 11,676</font></p>





























</td>

























</tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total </font></p>





























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 133,498,913</font></p>





























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>





























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 126,048,701</font></p>










</td>










</tr>





















</table>










</div>









</div>
<div>
<div style="margin: 0px; text-indent: 0px;">
<p style="margin: 0px; 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'>70</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>
<div style="margin: 0px; text-indent: 0px;">
<div style="margin: 0px; text-indent: 0px;">












<br></div>
<div style="margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px;"><br></p>
<div style="width: 8.5in; margin: 0 auto;">
<table style="width: 99.9182%; margin: 0px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;">

<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%; margin: 0px; text-indent: 0px;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>












































</tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="width: 55.9738%; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>

















































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; margin: 0px; text-indent: 0px;"><br></td>












































</tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="width: 55.9738%; height: 17px; border-bottom: 1.5pt solid #000080; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; border-bottom: 1.5pt solid #000080; width: 43.9853%; height: 17px; margin: 0px; text-indent: 0px;"><br></td>












































</tr>


























































































</table>
<div style="line-height: 1.2; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">b. Financial information related to segments</font></p>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The main financial information of each of the continuing operations of the Company&#8217;s segments is as follows. </font></p>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><font style="font-family: Aptos; font-size: 10pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 382.667px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td colspan="8" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>






























</td>


























</tr>
<tr style="height: 0px; margin: 0px; text-indent: 0px;">
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 25.6667px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Profit or loss</font></p>






























</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 25.6667px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Ipiranga</font></p>






























</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 25.6667px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Ultragaz</font></p>






























</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 25.6667px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Ultracargo</font></p>






























</td>
<td rowspan="2" style="padding: 0px; vertical-align: bottom; height: 25.6667px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Others <sup>(1)</sup> <sup>(2)</sup></font></p>






























</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 25.6667px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; line-height: 1; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Subtotal </font></p>
<p style="margin: 0px; text-align: center; line-height: 1; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Segments</font></p>






























</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 25.6667px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Eliminations</font></p>






























</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 25.6667px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Total</font></p>






























</td>


























</tr>
<tr style="height: 25.6667px; margin: 0px; text-indent: 0px;"></tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 44%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Net revenue from sales and services</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 8%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">121,336,232</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 8%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">11,288,418</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 8%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">1,075,558</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 8%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">8,691</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 8%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">133,708,899</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 8%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(209,986)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 8%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">133,498,913</font></p>






























</td>


























</tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Transactions with third parties</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">121,335,586</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">11,287,337</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">875,997</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(7)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">133,498,913</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">133,498,913</font></p>






























</td>


























</tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Intersegment transactions</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">646</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,081</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">199,561</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">8,698</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">209,986</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(209,986)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>






























</td>


























</tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cost of products and services sold</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(114,730,458)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(8,895,244)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(386,568)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(124,012,270)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">200,377</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(123,811,893)</font></p>






























</td>


























</tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Gross profit</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">6,605,774</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">2,393,174</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">688,990</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">8,691</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">9,696,629</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(9,609)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">9,687,020</font></p>






























</td>


























</tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Operating income (expenses)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>






























</td>


























</tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Selling and marketing</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,886,281)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(606,609)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(10,723)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(11)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,503,624)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,077</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,499,547)</font></p>






























</td>


























</tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">General and administrative</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,132,913)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(344,060)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(176,687)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(230,068)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,883,728)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">11,636</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,872,092)</font></p>






























</td>


























</tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Results from disposal of property, plant and equipment and intangible assets</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">167,657</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,134</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(24)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">70</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">171,837</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">171,837</font></p>






























</td>


























</tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other operating income (expenses), net</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(512,714)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">82,552</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">13,692</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,378</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(414,092)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(414,092)</font></p>






























</td>


























</tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Operating income (loss)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">3,241,523</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">1,529,191</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">515,248</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(218,940)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">5,067,022</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">6,104</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">5,073,126</font></p>






























</td>


























</tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Share of profit (loss) of subsidiaries, joint ventures and associates</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(8,654)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">578</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,433</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(122,539)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(127,182)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(127,182)</font></p>






























</td>


























</tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Amortization of fair value adjustments on associates acquisition</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,493)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,493)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,493)</font></p>






























</td>


























</tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total share of profit (loss) of subsidiaries, joint ventures and associates</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(8,654)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">578</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">940</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(122,539)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(129,675)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(129,675)</font></p>






























</td>


























</tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Income (loss) before financial result and income and social contribution taxes</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">3,232,869</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">1,529,769</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">516,188</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(341,479)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">4,937,347</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">6,104</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">4,943,451</font></p>






























</td>


























</tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Depreciation and amortization (a)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">444,924</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">284,153</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">118,559</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">19,451</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">867,087</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(5,953)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">861,134</font></p>






























</td>


























</tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Amortization of contractual assets with customers - exclusivity rights</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">553,840</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,243</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">555,083</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">555,083</font></p>






























</td>


























</tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Amortization of right-of-use assets</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">213,092</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">66,081</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">29,998</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,889</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">312,060</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">312,060</font></p>






























</td>


























</tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Amortization of fair value adjustments on associates acquisition</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,493</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,493</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,493</font></p>






























</td>


























</tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Total depreciation and amortization</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">1,211,856</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">351,477</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">151,050</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">22,340</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,736,723</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(5,953)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">1,730,770</font></p>






























</td>


























</tr>

























































</table>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><font style="font-family: Aptos; font-size: 10pt;">&nbsp;</font></p>
<table style="height: 40px; width: 100%; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; border-collapse: collapse;">

<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="margin: 0px; text-indent: 0px; height: 10px; vertical-align: top; text-align: right; width: 2%;" valign="top"><font style="font-size: 8pt;"><sup><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(a)</font></sup></font></td>
<td style="height: 10px; margin: 0px; text-indent: 0px; padding: 0px 0px 0px 2px; vertical-align: bottom; text-align: justify; width: 98%;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The amount is net of PIS and COFINS on depreciation in the amount of R$ 39,539.</font></td>











</tr>
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="margin: 0px; text-indent: 0px; height: 10px; vertical-align: top; text-align: right;" valign="top"><font style="font-size: 8pt;"><sup><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(1)</font></sup></font></td>
<td style="height: 10px; margin: 0px; text-indent: 0px; padding: 0px 0px 0px 2px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Includes in the line &#8220;General and administrative and Revenue from sale of goods&#8221; the amount of R$ 172,242 in 2024 of expenses related to Ultrapar's holding structure.</font></p>


























</td>











</tr>
<tr>
<td style="margin: 0px; text-indent: 0px; vertical-align: top; text-align: right;"><font style="font-size: 8pt;"><sup><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(2)</font></sup></font></td>
<td style="margin: 0px; text-indent: 0px; padding: 0px 0px 0px 2px; vertical-align: bottom; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The &#8220;Others&#8221; column refers to the parent Ultrapar and subsidiaries Imaven, Ultrapar International, UVC Investimentos, UVC - Fundo de investimento and share of profit (loss) of joint ventures RPR and Hidrovias.</font></td>










</tr>





















</table>










</div>









</div>

















</div>





















</div>
<div style="line-height: 1.2; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: Aptos; font-size: 6.67pt; vertical-align: super;">&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'>71</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;"><br></p>
<div style="width: 8.5in; margin: 0 auto;">
<table style="width: 99.9182%; margin: 0px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;">

<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%; margin: 0px; text-indent: 0px;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>












































</tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="width: 55.9738%; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>

















































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; margin: 0px; text-indent: 0px;"><br></td>












































</tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="width: 55.9738%; height: 17px; border-bottom: 1.5pt solid #000080; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; border-bottom: 1.5pt solid #000080; width: 43.9853%; height: 17px; margin: 0px; text-indent: 0px;"><br></td>












































</tr>


























































































</table>
<p style="margin: 0px; text-indent: 0px;"><br></p>
<table cellspacing="0" cellpadding="0" style="height: 320px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td colspan="8" style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"><br></font></p>
<p style="margin: 0px; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>






























</td>


























</tr>
<tr style="height: 0px; margin: 0px; text-indent: 0px;">
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Profit or loss</font></p>






























</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; line-height: 1; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Ipiranga (Restated)</font><sup><font style="font-weight: bold; line-height: inherit;"> (3)</font></sup></font></p>






























</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Ultragaz</font></p>






























</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Ultracargo</font></p>






























</td>
<td rowspan="2" style="padding: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; line-height: 1; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Others<sup> (1)</sup> <sup>(2)</sup> (Restated)</font><sup><font style="font-weight: bold; line-height: inherit;"> (3)</font></sup></font></p>






























</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; line-height: 1; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Subtotal </font></p>
<p style="margin: 0px; text-align: center; line-height: 1; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Segments</font></p>






























</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Eliminations</font></p>






























</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Total</font></p>






























</td>


























</tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;"></tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 44%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Net revenue from sales and services</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 8%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">114,551,830</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 8%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">10,670,793</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 8%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">1,015,564</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 8%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">14,308</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 8%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">126,252,495</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 8%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(203,794)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 8%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">126,048,701</font></p>






























</td>


























</tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Transactions with third parties</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">114,551,827</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10,669,365</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">815,249</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12,260</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">126,048,701</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">126,048,701</font></p>






























</td>


























</tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Intersegment transactions</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,428</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">200,315</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,048</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">203,794</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(203,794)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>






























</td>


























</tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cost of products and services sold</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(108,074,324)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(8,485,215)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(355,798)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(116,915,337)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">184,868</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(116,730,469)</font></p>






























</td>


























</tr>
<tr style="height: 13px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 13px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Gross profit</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 13px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">6,477,506</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 13px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">2,185,578</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 13px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">659,766</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 13px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">14,308</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 13px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">9,337,158</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 13px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(18,926)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 13px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">9,318,232</font></p>






























</td>


























</tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Operating income (expenses)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>






























</td>


























</tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Selling and marketing</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,615,178)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(626,554)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(11,395)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(99)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,253,226)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,253,226)</font></p>






























</td>


























</tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">General and administrative</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,318,092)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(298,171)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(167,344)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(253,478)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,037,085)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">18,926</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,018,159)</font></p>






























</td>


























</tr>
<tr style="height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Results from disposal of property, plant and equipment and intangible assets</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">170,604</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">13,199</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">103</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,915)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">180,991</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(59,056)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">121,935</font></p>






























</td>


























</tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other operating income (expenses), net</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(657,376)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">20,191</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,335</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">31,985</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(602,865)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(602,865)</font></p>






























</td>


























</tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Operating income (loss)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">3,057,464</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">1,294,243</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">483,465</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(210,199)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">4,624,973</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(59,056)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">4,565,917</font></p>






























</td>


























</tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Share of profit (loss) of subsidiaries, joint ventures and associates</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(7,508)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">26</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">11,764</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">7,626</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">11,908</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">11,908</font></p>






























</td>


























</tr>
<tr style="height: 19px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 19px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Income (loss) before financial result and income and social contribution taxes</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 19px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">3,049,956</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 19px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">1,294,269</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 19px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">495,229</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 19px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(202,573)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 19px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">4,636,881</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 19px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(59,056)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 19px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">4,577,825</font></p>






























</td>


























</tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Depreciation and amortization (a)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">429,809</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">291,462</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">105,274</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">14,324</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">840,869</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(492)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">840,377</font></p>






























</td>


























</tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Amortization of contractual assets with customers - exclusivity rights</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">606,036</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,410</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">607,446</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">607,446</font></p>






























</td>


























</tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Amortization of right-of-use assets</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">211,934</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">61,124</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">30,454</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,387</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">305,899</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">305,899</font></p>






























</td>


























</tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Total depreciation and amortization</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">1,247,779</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">353,996</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">135,728</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">16,711</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">1,754,214</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(492)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">1,753,722</font></p>






























</td>


























</tr>

























































</table>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: Aptos; font-size: 6.67pt; vertical-align: super;">&nbsp;</font></p>
<table style="height: 40px; width: 100%; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; border-collapse: collapse;">

<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="margin: 0px; text-indent: 0px; height: 10px; vertical-align: top; text-align: right; width: 2%;" valign="top"><font style="font-size: 8pt;"><sup><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(a)</font></sup></font></td>
<td style="height: 10px; margin: 0px; text-indent: 0px; padding: 0px 0px 0px 2px; vertical-align: bottom; width: 98%;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The amount is net of PIS and COFINS on depreciation in the amount of R$ 8,517.</font></td>














</tr>
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="margin: 0px; text-indent: 0px; height: 10px; vertical-align: top; text-align: right;" valign="top"><font style="font-size: 8pt;"><sup><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(1)</font></sup></font></td>
<td style="height: 10px; margin: 0px; text-indent: 0px; padding: 0px 0px 0px 2px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Includes in the line &#8220;General and administrative and Revenue from sale of goods&#8221; the amount of R$ 167,929 in 2023 of expenses related to<font style="line-height: inherit;">&nbsp;</font>Ultrapar's<font style="line-height: inherit;">&nbsp;</font>holding structure.</font></p>


























</td>














</tr>
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="margin: 0px; text-indent: 0px; height: 10px; vertical-align: top; text-align: right;" valign="top"><font style="font-size: 8pt;"><sup><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(2)</font></sup></font></td>
<td style="height: 10px; margin: 0px; text-indent: 0px; padding: 0px 0px 0px 2px; vertical-align: bottom; text-align: justify;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The &#8220;Others&#8221; column refers to the parent Ultrapar and subsidiaries Imaven, Ultrapar International, UVC Investimentos, UVC - Fundo de investimento and share of profit (loss) of joint venture RPR.</font>













</td>














</tr>
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="margin: 0px; text-indent: 0px; height: 10px; vertical-align: top; text-align: right;" valign="top"><font style="font-size: 8pt;"><sup><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">(</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">3</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">)</font></sup></font></td>
<td style="height: 10px; text-align: justify; margin: 0px; text-indent: 0px; padding: 0px 0px 0px 2px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Refers to a change on the corporate structure which the companies<font style="line-height: inherit;">&nbsp;</font></font>Ea&#237;<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font style="line-height: inherit;">&nbsp;</font>and<font style="line-height: inherit;">&nbsp;</font></font>Millenium<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font style="line-height: inherit;">&nbsp;</font>became part of<font style="line-height: inherit;">&nbsp;</font></font>Ipiranga<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font style="line-height: inherit;">&nbsp;</font>consolidated, being restated in 2023 for<font style="line-height: inherit;">&nbsp;</font></font>compability<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font style="line-height: inherit;">&nbsp;</font>purposes.</font></td>










</tr>





















</table>









</div>
<p style="margin: 0px; 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'>72</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;"><br></p>
<div style="width: 8.5in; margin: 0 auto;">
<table style="width: 99.9182%; margin: 0px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;">

<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%; margin: 0px; text-indent: 0px;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>












































</tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="width: 55.9738%; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>

















































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; margin: 0px; text-indent: 0px;"><br></td>












































</tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="width: 55.9738%; height: 17px; border-bottom: 1.5pt solid #000080; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; border-bottom: 1.5pt solid #000080; width: 43.9853%; height: 17px; margin: 0px; text-indent: 0px;"><br></td>












































</tr>


























































































</table>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">c. Assets by segment</font></p>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><font style="font-family: Aptos; font-size: 10pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 122px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td colspan="6" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>






























</td>


























</tr>
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Assets</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Ipiranga</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Ultragaz</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Ultracargo</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><font style="font-weight: bold;">Others (</font><font style="font-weight: bold;">1</font><font style="font-weight: bold;">)</font></font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Total</font></p>






























</td>


























</tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 50%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Investments</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">146,450</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,042</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">216,134</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,785,007</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,148,633</font></p>






























</td>


























</tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Property, plant and equipment</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,282,469</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,566,376</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,157,663</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">129,458</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">7,135,966</font></p>






























</td>


























</tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Intangible assets</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,017,405</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">333,652</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">283,598</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">273,675</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,908,330</font></p>






























</td>


























</tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Right-of-use assets</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">911,783</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">152,024</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">599,853</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">7,664</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,671,324</font></p>






























</td>


























</tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other current and non-current assets</font></p>






























</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; padding: 0px 4px 0px 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">20,944,583</font></p>






























</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; padding: 0px 4px 0px 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,156,708</font></p>






























</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; padding: 0px 4px 0px 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">393,368</font></p>






























</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; padding: 0px 4px 0px 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,199,162</font></p>






























</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; padding: 0px 4px 0px 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">26,693,821</font></p>






























</td>


























</tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total assets (excluding intersegment transactions)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">26,302,690</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,209,802</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,650,616</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,394,966</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">39,558,074</font></p>






























</td>


























</tr>

























































</table>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><font style="font-family: Aptos; font-size: 10pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 1pt; margin: 0px; text-indent: 0px;">
<td colspan="6" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>






























</td>


























</tr>
<tr style="height: 1pt; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Assets</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><font style="font-weight: bold;">Ipiranga (Restated)</font><sup><font style="font-weight: bold;"> (2)</font></sup></font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Ultragaz</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Ultracargo</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><font style="font-weight: bold;">Others <sup>(</sup></font><sup><font style="font-weight: bold;">1</font></sup><font style="font-weight: bold;"><sup>)</sup> (Restated)</font><sup><font style="font-weight: bold;"> (2)</font></sup></font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Total</font></p>






























</td>


























</tr>
<tr style="height: 1pt; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 50%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Investments</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">68,107</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">240</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">215,745</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">34,264</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">318,356</font></p>






























</td>


























</tr>
<tr style="height: 1pt; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Property, plant and equipment</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,224,662</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,438,662</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,698,605</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">25,652</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,387,581</font></p>






























</td>


























</tr>
<tr style="height: 1pt; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Intangible assets</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,612,584</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">282,517</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">281,054</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">377,762</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,553,917</font></p>






























</td>


























</tr>
<tr style="height: 1pt; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Right-of-use assets</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">907,867</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">149,698</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">622,781</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">31,180</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,711,526</font></p>






























</td>


























</tr>
<tr style="height: 1pt; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom: 1pt solid #000000; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other current and non-current assets</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom: 1pt solid #000000; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">19,228,878</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom: 1pt solid #000000; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,273,866</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom: 1pt solid #000000; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">415,085</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom: 1pt solid #000000; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,362,765</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom: 1pt solid #000000; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">27,280,594</font></p>






























</td>


























</tr>
<tr style="height: 1pt; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total assets (excluding intersegment transactions)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">25,042,098</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,144,983</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,233,270</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,831,623</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">38,251,974</font></p>






























</td>


























</tr>

























































</table>
<p style="margin: 0px; text-indent: 0px;"><br></p>
<table style="height: 40px; width: 100%; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; border-collapse: collapse;">

<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="margin: 0px; text-indent: 0px; height: 10px; vertical-align: top; text-align: right; width: 2%;" valign="top"><font style="font-size: 8pt;"><sup><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(1)</font></sup></font></td>
<td style="height: 10px; margin: 0px; text-indent: 0px; padding: 0px 0px 0px 2px; vertical-align: bottom; text-align: justify; width: 98%;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The &#8220;Others&#8221; column refers to the parent Ultrapar and subsidiaries Imaven, Ultrapar International, UVC Investimentos, UVC - Fundo de investimento and share of profit (loss) of joint venture RPR.</font></td>












</tr>
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="margin: 0px; text-indent: 0px; height: 10px; vertical-align: top; text-align: right;" valign="top"><font style="font-size: 8pt;"><sup><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(2)</font></sup></font></td>
<td style="height: 10px; margin: 0px; text-indent: 0px; padding: 0px 0px 0px 2px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Refers to a change on the corporate structure which the companies Ea&#237; and Millenium became part of Ipiranga consolidated, being restated in 2023 for compability purposes.</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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<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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<table style="width: 99.9182%; margin: 0px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>








































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<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>













































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<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>








































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<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;"></td>








































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</table>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="background-color: #002060; margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BFinancial_inst_1812025161744157" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">26. Financial instruments (Consolidated)</font></a></div>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial instruments are classified and measured as follows: </font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 28.35pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8226;&nbsp;Amortized cost: financial instruments held in order to collect and comply with contractual cash flows, solely principal and interest. Interest earned, losses and foreign exchange&nbsp; variations are recognized in profit or loss and balances are stated at amortized cost using the effective interest rate method.</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 28.35pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8226;&nbsp;Measured at fair value through other comprehensive income: financial instruments contracted for the purpose of collecting contractual cash flows or selling financial assets. The balances are stated at fair value, and interest earned, losses and foreign exchange variations are recognized in profit or loss. Differences between fair value and initial amount of financial investments plus interest earned and foreign exchange variations are recognized in equity under &#8220;Accumulated other comprehensive income&#8221;. Accumulated gains and losses recognized in equity are reclassified to profit or loss at the time of their settlement. </font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 28.35pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8226;&nbsp;&nbsp;Measured at fair value through profit or loss: financial instruments that were not classified as amortized cost or as measured at fair value through other comprehensive income. Balances are stated at fair value. Interest earned, foreign exchange variations and changes in fair value are recognized in profit or loss. Investment funds and derivatives are classified as measured at fair value through profit or loss.</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company and its subsidiaries use financial instruments for hedging purposes, applying the following concepts:</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 28.35pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8226; Hedge accounting &#8211; fair value hedge: financial instrument used to hedge exposure to changes in the fair value of an item, attributable to a particular risk, which can affect profit or loss. </font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 28.35pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8226; 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 or firm commitment that may affect profit or loss.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 28.35pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 28.35pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8226; Hedge accounting &#8211; hedge of investments in foreign operations: 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.</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><br></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Classes and categories of financial instruments and their fair values</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The balances of financial instrument assets and liabilities and the measurement criteria are presented in accordance with the following categories:</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><br></p>
<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 3.5%;"><br></td>
<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: justify; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(a)</font></td>
<td style="text-align: justify; width: 93.5%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Level 1 &#8211; prices negotiated (without adjustment) in active markets for identical assets or liabilities;</font></td>















</tr>
<tr>
<td><br></td>
<td valign="top" style="vertical-align: 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: justify; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(b)</font></td>
<td style="text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Level 2 &#8211; inputs other than prices negotiated in active markets included in Level 1 and observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); and</font></td>















</tr>
<tr>
<td><br></td>
<td valign="top" style="vertical-align: 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: justify; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(c)</font></td>
<td style="text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Level 3 - inputs for assets or liabilities that are not based on observable market variables (unobservable inputs).</font></td>









</tr>



















</table>




</div>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><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'>74</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: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="width: 8.5in; margin: 0 auto;">
<table style="width: 99.9182%; margin: 0px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>








































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>













































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>








































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;"></td>








































</tr>


















































































</table>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 512px; border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Level</font></p>




















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Carrying value</font></p>




















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Carrying value</font></p>




















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Fair value</font></p>




















</td>



















</tr>
<tr style="height: 19px;">
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">December 31, 2024</font></p>




















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Note</font></p>




















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 19px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 19px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Measured at fair value through profit or loss</font></p>




















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 19px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Measured at amortized cost</font></p>




















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 19px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total</font></p>




















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 19px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 44%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial assets:</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 7%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash and cash equivalents</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash and banks</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4.a</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">405,840</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">405,840</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">405,840</font></p>




















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Securities and funds in local currency</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4.a</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,286,152</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,286,152</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,286,152</font></p>




















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Securities and funds in foreign currency</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4.a</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">379,601</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">379,601</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">379,601</font></p>




















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial investments</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Securities and funds in local currency</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4.b</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Level 2</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,271,979</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,271,979</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,271,979</font></p>




















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Securities and funds in foreign currency</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4.b</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,854,126</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,854,126</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,854,126</font></p>




















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative instruments</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4.b</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Level 2</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">833,986</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">833,986</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">833,986</font></p>




















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Energy trading futures contracts</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">26.h</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Level 2</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">404,695</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">404,695</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">404,695</font></p>




















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade receivables</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.a</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,913,004</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,913,004</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,913,004</font></p>




















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Reseller financing</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.a</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,404,883</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,404,883</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,404,883</font></p>




















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other receivables and other assets</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">386,853</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">386,853</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">386,853</font></p>




















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,510,660</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,630,459</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,141,119</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,141,119</font></p>




















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial liabilities:</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financing</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15.a</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Level 2</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,085,149</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,004,027</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,089,176</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,871,550</font></p>




















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Debentures</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15.a</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Level 2</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,468,647</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,302,687</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,771,334</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,728,701</font></p>




















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative instruments</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15.a</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Level 2</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">441,600</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">441,600</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">441,600</font></p>




















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Energy trading futures contracts</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">26.h</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Level 2</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">114,776</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">114,776</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">114,776</font></p>




















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade payables</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">16.a</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,518,385</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,518,385</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,518,385</font></p>




















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade payables - reverse factoring</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">16.b</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,014,504</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,014,504</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,014,504</font></p>




















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Subscription warrants &#8211; indemnification</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Level 1</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">47,745</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">47,745</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">47,745</font></p>




















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial liabilities of customers</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">180,225</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">180,225</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">180,225</font></p>




















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Contingent consideration</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Level 3</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">42,186</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">52,988</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">95,174</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">95,174</font></p>




















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other payables</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">171,520</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">171,520</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">171,520</font></p>




















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,200,103</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,244,336</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19,444,439</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19,184,180</font></p>









</td>









</tr>



















</table>








</div>
<p style="margin: 0pt; line-height: 1.2;"><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'>75</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: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="width: 8.5in; margin: 0 auto;">
<table style="width: 99.9182%; margin: 0px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>








































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>













































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>








































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;"></td>








































</tr>


















































































</table>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 448px;" width="100%">

<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Level</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Carrying value</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Carrying value</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Fair value</font></p>




















</td>


















</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">December 31, 2023</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Note</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Measured at fair value through profit or loss</font></p>




















</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Measured at amortized cost</font></p>




















</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total</font></p>




















</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>


















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px; vertical-align: middle; background-color: #cceeff; width: 44%; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial assets:</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 9%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 7%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 9%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 9%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; width: 9%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 9%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>


















</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash and cash equivalents</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>


















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash and banks</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4.a</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">125,152</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">125,152</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">125,152</font></p>




















</td>


















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Securities and funds in local currency</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4.a</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,476,726</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,476,726</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,476,726</font></p>




















</td>


















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Securities and funds in foreign currency</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4.a</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">323,810</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">323,810</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">323,810</font></p>




















</td>


















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial investments</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>


















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Securities and funds in local currency</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4.b</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Level 2</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">82,592</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">82,592</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">82,592</font></p>




















</td>


















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative instruments</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4.b</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Level 2</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,162,283</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,162,283</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,162,283</font></p>




















</td>


















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade receivables</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.a</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,269,473</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,269,473</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,269,473</font></p>




















</td>


















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Reseller financing</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.a</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,189,886</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,189,886</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,189,886</font></p>




















</td>


















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade receivables - sale of subsidiaries</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.c</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">924,364</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">924,364</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">924,364</font></p>




















</td>


















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other receivables and other assets</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">393,036</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">393,036</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">393,036</font></p>




















</td>


















</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,244,875</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12,702,447</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,947,322</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,947,322</font></p>




















</td>


















</tr>
<tr style="height: 18px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>


















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial liabilities:</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>


















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financing</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15.a</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Level 2</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,584,452</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,449,857</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,034,309</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,853,165</font></p>




















</td>


















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Debentures</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15.a</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Level 2</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,618,704</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">488,269</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,106,973</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,094,933</font></p>




















</td>


















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative instruments</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15.a</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Level 2</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">626,735</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">626,735</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">626,735</font></p>




















</td>


















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade payables</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">16.a</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding: 0px 4px; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,682,671</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,682,671</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,682,671</font></p>




















</td>


















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade payables - reverse factoring</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">16.b</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,039,366</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,039,366</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,039,366</font></p>




















</td>


















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Subscription warrants &#8211; indemnification</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Level 1</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">87,299</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">87,299</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">87,299</font></p>




















</td>


















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial liabilities of customers</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">308,934</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">308,934</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">308,934</font></p>




















</td>


















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Contingent consideration</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">28.c</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Level 3</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">112,196</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">112,196</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">112,196</font></p>




















</td>


















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other payables</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">190,090</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">190,090</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">190,090</font></p>




















</td>


















</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,029,386</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11,159,187</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">18,188,573</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">17,995,389</font></p>




















</td>


















</tr>







































</table>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The fair value of financial instruments measured at Levels 2 and 3 is described below:</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Securities and funds in local currency: Estimated at the fund unit value as of the date of the financial statements, which corresponds to their fair value.</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative instruments: Estimated based on the US dollar futures contracts and the future curves of the DI x fixed rate and DI x IPCA contracts, quoted on B3 on the closing date.</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Energy trading futures contracts: The fair value considers: (i) the prices established in recent purchases and sales; (ii) supply risk margin; and (iii) the market price projected in the availability period. Whenever the fair value at initial recognition differs from the transaction price for these contracts, a gain or loss is recognized.</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financing and debentures: Estimated based on the US dollar futures contracts and the future curves of the DI x fixed rate and DI x IPCA contracts, quoted on B3 on the closing date. The fair value calculation of notes in the foreign market used the quoted price in the market.</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Contingent consideration: Estimated according to Management&#8217;s projections of results based on the discounted cash flow method, considering the contractual goals set for revenue and accounting net cash flow to be achieved in the year ending December 31, 2026, referring to the acquisition of Stella on October 1, 2022.</font></p>




</div>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><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'>76</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: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="width: 8.5in; margin: 0 auto;">
<table style="width: 99.9182%; margin: 0px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>








































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>













































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>








































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;"></td>








































</tr>


















































































</table>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The changes in financial liabilities measured at level 3 of the fair value hierarchy are presented below:</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 11.35pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>




















</td>















</tr>
<tr style="height: 11.35pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 90%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">112,196</font></p>




















</td>















</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Update of earnout assumptions</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(71,388)</font></p>




















</td>















</tr>
<tr style="height: 11.35pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Settlement</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(7,500)</font></p>




















</td>















</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Monetary variation</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,878</font></p>




















</td>















</tr>
<tr style="height: 11.35pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">42,186</font></p>




















</td>















</tr>




































</table>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Financial risk management</font><br></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company and its subsidiaries are exposed to strategic/operational risks and economic/financial risks. Operational/strategic risks (including demand behavior, competition, technological innovation, and material changes in the industry) are addressed by the Company&#8217;s management model. </font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Economic/financial risks primarily reflect default of customers, behavior of macroeconomic variables, such as commodities prices, exchange and interest rates, as well as the characteristics of the financial instruments used and their counterparties. These risks are managed through specific strategies and control policies. </font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company has a financial risk policy approved by its Board of Directors (&#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 market risks (currencies, interest rates and commodities), liquidity and credit.</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Financial Risk Committee is responsible for monitoring the compliance with the Policy and deciding on any cases of non-compliance. The Audit and Risk Committee (&#8220;CAR&#8221;) advises the Board of Directors in the efficiency of controls and in the review of the Risk Management Policy. The Risk, Integrity and Audit Director monitors the compliance with the Policy and reports to CAR and the Board of Directors the exposure to the risks and any cases of non-compliance with the Policy. </font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><br></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company and its subsidiaries are exposed to the following risks, which are mitigated and managed using specific financial instruments:</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 19.68%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; width: 78pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Risks</font></p>




















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 11.8pt;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 186.65pt;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Exposure origin</font></p>




















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 11.8pt;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 137.05pt;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Management</font></p>




















</td>




















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 19.68%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Market risk - exchange rate</font></p>




















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 2.42%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 46%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Possibility of losses resulting from exposures to exchange rates other than the functional presentation currency, which may be of a financial or operational origin.</font></p>




















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 2.42%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><br></p>




















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 29.5%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Seek exchange rate neutrality, using hedging instruments if applicable.</font></p>




















</td>




















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 19.68%; border-top-width: 1px; border-top-style: solid; border-top-color: #d0cece !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Market risk - interest rate</font></p>




















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 2.42%; border-top-width: 1px; border-top-style: solid; border-top-color: #d0cece !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 46%; border-top-width: 1px; border-top-style: solid; border-top-color: #d0cece !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Possibility of losses resulting from the contracting of fixed-rate financial assets or liabilities.</font></p>




















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 2.42%; border-top-width: 1px; border-top-style: solid; border-top-color: #d0cece !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><br></p>




















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 29.5%; border-top-width: 1px; border-top-style: solid; border-top-color: #d0cece !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Maintain most of the net financial exposure indexed to floating rates, linked to the basic interest rate.</font></p>




















</td>




















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 19.68%; border-top-width: 1px; border-top-style: solid; border-top-color: #d0cece !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Market risk - commodity prices</font></p>




















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 2.42%; border-top-width: 1px; border-top-style: solid; border-top-color: #d0cece !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 46%; border-top-width: 1px; border-top-style: solid; border-top-color: #d0cece !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Possibility of losses resulting from changes in the prices of the main raw materials or products sold by the Company and their effects on profit or loss, statement of financial position and cash flow.</font></p>




















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 2.42%; border-top-width: 1px; border-top-style: solid; border-top-color: #d0cece !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><br></p>




















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 29.5%; border-top-width: 1px; border-top-style: solid; border-top-color: #d0cece !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Hedging instruments, if applicable. </font></p>




















</td>




















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 19.68%; border-top-width: 1px; border-top-style: solid; border-top-color: #d0cece !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Credit risk </font></p>




















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 2.42%; border-top-width: 1px; border-top-style: solid; border-top-color: #d0cece !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 46%; border-top-width: 1px; border-top-style: solid; border-top-color: #d0cece !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Possibility of losses associated with the counterparty's failure to comply with financial obligations due to insolvency issues or deterioration in risk classification.</font></p>




















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 2.42%; border-top-width: 1px; border-top-style: solid; border-top-color: #d0cece !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><br></p>




















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 29.5%; border-top-width: 1px; border-top-style: solid; border-top-color: #d0cece !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Diversification and monitoring of counterparty&#8217;s solvency and liquidity indicators.</font></p>




















</td>




















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 19.68%; border-top-width: 1px; border-top-style: solid; border-top-color: #d0cece !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Liquidity risk</font></p>




















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 2.42%; border-top-width: 1px; border-top-style: solid; border-top-color: #d0cece !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 46%; border-top-width: 1px; border-top-style: solid; border-top-color: #d0cece !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Possibility of inability to honor obligations, including guarantees, and incurring losses.</font></p>




















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 2.42%; border-top-width: 1px; border-top-style: solid; border-top-color: #d0cece !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><br></p>




















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 29.5%; border-top-width: 1px; border-top-style: solid; border-top-color: #d0cece !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">For cash management: financial investments liquidity. </font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">For debt management: seek the combination of better terms and costs, by monitoring the ratio of average debt term to financial leverage.</font></p>








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</tr>

















</table>




</div>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&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'>77</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:0pt"><br></p>
<div style="width: 8.5in; margin: 0 auto;">
<div>
<table style="width: 99.9182%; margin: 0px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>








































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<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>













































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>








































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;"></td>








































</tr>


















































































</table>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</div>
<p style="line-height: 1.2;"><font style="font-size: 10pt; font-style: italic; font-weight: bold;">a. Market risk - exchange and interest rates</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Currency risk management is guided by neutrality of currency exposures and considers the risks associated to changes in exchange rates. The Company considers as its main exposure the assets and liabilities in foreign currency.</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company and its subsidiaries use foreign exchange hedging instruments to protect their assets, liabilities, receipts, disbursements and investments in foreign currencies. These instruments aim to reduce the effects of foreign exchange variations, within the exposure limits of its Policy.</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As to the interest rate risk, the Company and its subsidiaries raise and invest funds mainly linked to the DI. The Company seeks to maintain most of its financial assets and liabilities with floating interest rates, adopting instruments that hedge against the risk of changes in interest rates.</font></p>
<div style="line-height: 1.2;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The assets and liabilities exposed to foreign currency, translated to Reais, and/or exposed to floating interest rates are shown below:</font></p>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 388px; width: 100%;" width="100%">

<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Exchange rate</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Interest rate</font></p>




















</td>















</tr>
<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Note</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Currency</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Index</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>




















</td>















</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 31%; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline; line-height: inherit;">Assets</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; height: 15px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; height: 15px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 6%; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; height: 15px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; height: 15px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>















</tr>
<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash, cash equivalents, and financial investments</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4.a</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,428,520</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">371,474</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">DI</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,558,131</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,559,318</font></p>




















</td>















</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade receivables, net of allowance for expected credit losses</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.a</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">27,393</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">84,855</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>















</tr>
<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Inventories</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">93,821</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>















</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade receivables - sale of subsidiaries</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.c</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">BRL/ USD</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">715,877</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">DI</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">208,487</font></p>




















</td>















</tr>
<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other assets in foreign currency</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">21,028</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">152,393</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>















</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,570,762</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,324,599</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,558,131</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,767,805</font></p>




















</td>















</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline; line-height: inherit;">Liabilities</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>















</tr>
<tr style="height: 21px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 21px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Loans, financing and debentures <font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(1)</font></font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 21px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15.a</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 21px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD/ EUR/ JPY</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 21px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6,681,657)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 21px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 21px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(5,297,013)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 21px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 21px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">DI</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 21px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,515,010)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 21px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 21px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,242,524)</font></p>




















</td>















</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Loans &#8211; FINEP</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15.a</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">TJLP</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(679)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,264)</font></p>




















</td>















</tr>
<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Payables arising from imports</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">16.a</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(936,140)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,730,426)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>















</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other liabilities in foreign currency</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(41,298)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>















</tr>
<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(7,659,095)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(7,027,439)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,515,689)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,243,788)</font></p>




















</td>















</tr>
<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative instruments</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">26.f</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD / EUR / JPY</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,470,855</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,309,125</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">DI</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6,380,131)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(8,567,676)</font></p>




















</td>















</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(617,478)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(393,715)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6,337,689)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,043,659)</font></p>




















</td>















</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net liability position - effect on equity</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(10,857)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net liability position - effect on profit or loss</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(617,478)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(382,858)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6,337,689)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,043,659)</font></p>




















</td>















</tr>




































</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(1)</font> Gross transaction costs of R$ 7,807 (R$ 10,116 as of December 31, 2023) and discount on notes in the foreign market of R$ 5,246 (R$ 8,107 as of December 31, 2023).</font></p>








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<div style="line-height: 1.2;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><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'>78</font></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>














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<p style="margin:0pt"><br></p>
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<div style="line-height: 1.2;">
<table style="width: 99.9182%; margin: 0px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>








































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<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>













































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>








































</tr>
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<td style="width: 55.9738%; height: 17px; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
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</table>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</div>
<p style="line-height: 1.2;"><font style="font-size: 10pt; font-weight: bold;">Sensitivity analysis with devaluation of the Real and interest rate increase</font></p>
<div style="line-height: 1.2;">
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Exchange rate - Real devaluation </font><font style="font-weight: bold; vertical-align: super; line-height: inherit;">(i)</font></font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Interest rate increase </font><font style="font-weight: bold; vertical-align: super; line-height: inherit;">(ii)</font></font></p>




















</td>















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 69%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Effect on profit or loss</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 15%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(28,637)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 15%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(260,723)</font></p>




















</td>















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(28,637)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(260,723)</font></p>




















</td>















</tr>




































</table>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(i)</font> The average U.S. dollar rate of R$ 6.4226 was used for the sensitivity analysis, based on future market curves as of December 31, 2024 on the net position of the Company exposed to the currency risk, simulating the effects of devaluation of the Real on profit or loss. The closing rate considered was R$ 6.1923. The table above shows the effects of the exchange rate changes on the net liability position of R$ 617,478 (or US$ 99,716 using the closing rate) in foreign currency as of December 31, 2024.</font></p>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(ii)</font> For the probable scenario presented, the Company used as a base scenario the market curves affected by the Interbank Deposit (DI) rate and the Long-Term Interest Rate (TJLP). The sensitivity analysis shows the incremental expenses and income that would be recognized in financial result, if the market curves of floating interest at the base date were applied to the average balances of the current year. The annual base rate used was 10.88% and the sensitivity rate was 14.77% according to reference rates made available by B3. </font></p>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">b. Market risk - commodity prices</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company and its subsidiaries are exposed to commodity price risk, mainly in relation to diesel and gasoline, affected by macroeconomic and geopolitical factors.</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The foreign exchange derivative instruments and commodities designated as fair value hedge are concentrated in subsidiary IPP. The objective is to convert the cost of the imported product from fixed to variable until fuel blending, aligning it to the sales price. IPP uses over-the-counter derivatives for this hedge operation, aligning them with the value of the inventories of imported product.</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">To mitigate this risk, the Company continuously monitors the market and uses hedge operations with derivative contracts, traded on the stock exchange and the over-the-counter market.</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Derivative</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Fair value (R$ thousand)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Possible scenario (&#8710; of 10% - R$ thousand)</font></p>




















</td>




















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>




















</td>




















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 32%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Commodity forward</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 2%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 15%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(7,707)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 2%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 15%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20,702</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 2%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 15%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(12,430)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 2%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 15%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,663</font></p>




















</td>




















</tr>









































</table>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(*)</font> The table above shows the positions of derivative financial instruments to hedge commodity price risk as of December 31, 2024 and 2023, in addition to a sensitivity analysis considering a valuation of 10% of the closing price for each year. For further information, see Note 26.f.</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">c. Credit risk</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Credit risk is related to the possibility of non-compliance with a commitment by a counterparty in a transaction. Credit risk is managed strategically and arises from cash equivalents, financial investments, derivative financial instruments and trade receivables, among others.</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt;"><font style="font-size: 10pt; font-weight: bold;">c.1 Financial institutions and government</font></p>








</div>







</div>







</div>
<div style="line-height: 1.2;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><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'>79</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: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<div style="width: 8.5in; margin: 0 auto;">
<table style="width: 99.9182%; margin: 0px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>









































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>














































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>









































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;"></td>









































</tr>




















































































</table>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">c.1 Financial institutions and government</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The credit risk of financial institutions and governments related to cash and cash equivalents, financial investments and derivative financial instruments as of December 31, 2024, by counterparty rating, is summarized below:</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Fair value</font></p>





















</td>






</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;">Counterparty credit rating</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















</td>






</tr>
<tr>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 78%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">AAA</font></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; text-align: right; width: 10%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,557,385</font></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; text-align: right; width: 10%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,714,493</font></td>






</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">AA</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">285,520</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">408,375</font></p>





















</td>






</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">A</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,668</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">464</font></p>





















</td>






</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Others <sup>(*)</sup></font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">185,111</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">47,231</font></p>





















</td>






</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,031,684</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,170,563</font></p>





















</td>






</tr>




























</table>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><sup>(*)</sup> Refers substantially to investments as minority interest, which are classified as long-term investments.</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">c.2 Trade receivables</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The credit risk of financial institutions and governments related to cash and cash equivalents, financial investments and derivative financial instruments as of December 31, 2024, by counterparty rating, is summarized below:</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The subsidiaries manage credit throughout the customer&#8217;s life cycle, with specific processes for monitoring credit risk and renegotiating or executing credit, as applicable.</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">For further information on the allowance for expected credit losses, see Note 5.b.</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">d. Liquidity risk</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Liquidity risk is the possibility of the Company facing difficulties to comply with its financial obligations, which must be settled with payments or other financial assets.</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The main sources of liquidity of the Company and its subsidiaries arise from:</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt 0pt 0pt 54pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -36pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt;">(i)</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal;"><font style="font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></font><font style="font-size: 10pt;">cash and financial investments; </font></font></p>
<p style="margin: 0pt 0pt 0pt 54pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -36pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt;">(ii)</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal;"><font style="font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></font><font style="font-size: 10pt;">cash flow generated by its operations; and </font></font></p>
<p style="margin: 0pt 0pt 0pt 54pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -36pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt;">(iii)</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal;"><font style="font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></font><font style="font-size: 10pt;">loans. </font></font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company and its subsidiaries have sufficient working capital and sources of financing to meet their current needs. As of December 31, 2024, the Company and its subsidiaries had R$ 4,624,604 in cash, cash equivalents, and short-term financial investments (for quantitative information, see Note 4).</font></p>





</div>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><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'>80</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: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><br></p>
<div style="line-height: 1.2;">
<div style="width: 8.5in; margin: 0 auto;">
<div style="line-height: 1.2;">
<table style="width: 99.9182%; margin: 0px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>









































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>














































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>









































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;"></td>









































</tr>




















































































</table>
















</div>
<div style="line-height: 1.2;">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The table below presents a summary of financial liabilities and leases payable as of December 31, 2024 by the Company and its subsidiaries, listed by maturity. The amounts presented are the contractual undiscounted cash flows, and may differ from the amounts disclosed in the statement of financial position:</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Less than 1 year</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Between 1 and 3 years</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Between 3 and 5 years</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">More than 5 years</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total</font></p>





















</td>
















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 50%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Loans including future contractual interest <font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(1) (2)</font></font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,087,776</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,071,329</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,646,153</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,503,918</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">16,309,176</font></p>





















</td>
















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative instruments <font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(3)</font></font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">392,381</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">933,913</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,082,726)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(779,771)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(536,203)</font></p>





















</td>
















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade payables</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,518,385</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,518,385</font></p>





















</td>
















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade payables - reverse factoring</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,014,504</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,014,504</font></p>





















</td>
















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Leases payable</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">355,336</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">523,929</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">346,561</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">891,997</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,117,823</font></p>





















</td>
















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial liabilities of customers</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">30,257</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">170,158</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">200,415</font></p>





















</td>
















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Contingent consideration</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">42,186</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">42,186</font></p>





















</td>
















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other payables</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">159,930</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">17,990</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">177,920</font></p>





















</td>
















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,558,569</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,717,319</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,952,174</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,616,144</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">22,844,206</font></p>





















</td>
















</tr>






































</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(1)</font> The interest on loans was estimated based on the US dollar futures contracts, Yen futures contracts, Euro futures contracts and on the future yield curves of the DI x fixed rate and DI x IPCA contracts, quoted on B3 as of December 31, 2024.</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(2)</font> Includes estimated interest on short-term and long-term loans until the contractually foreseen payment date.</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(3)</font> The derivative instruments were estimated based on the US dollar futures contracts and the future curves of the DI x fixed rate and DI x IPCA contracts, quoted on B3 as of December 31, 2024. In the table above, only the derivative instruments with negative results at the time of settlement were considered.</font></p>
<p style="font-size: 10pt; line-height: 110%; margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">e. Capital management</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company manages and optimizes its capital structure based on indicators to ensure business continuity while maximizing return to its shareholders. </font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital structure is comprised of net debt (loans and financing, including debentures, according to Note 15 and leases payable according to Note 12.b, after deduction of cash, cash equivalents and financial investments, according to Note 4), and equity. </font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company may change its capital structure according to economic and financial conditions. Moreover, the Company also seeks to improve its return on invested capital by implementing efficient working capital management and a selective investment program.</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Annually, the Company and its subsidiaries revise their capital structure, evaluating the cost of capital and the risks associated with each class of capital including the leverage ratio analysis, which is determined as the ratio between net debt and equity.</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The leverage ratio at the end of the period is as follows:</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>





















</td>
















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















</td>
















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 78%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Gross debt (a)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15,787,262</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,291,951</font></p>





















</td>
















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash, cash equivalents, and short-term investments (b)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,031,684</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,170,563</font></p>





















</td>
















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Net debt = (a) - (b)</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">7,755,578</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">6,121,388</font></p>





















</td>
















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Equity</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15,823,444</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,029,826</font></p>





















</td>
















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Net debt-to-equity ratio</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">49.01%</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">43.63%</font></p>





















</td>
















</tr>






































</table>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">f. Selection and use of derivative financial instruments</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In selecting derivative instruments, the Company considers the estimated rates of return, risks, liquidity, calculation methodology for the carrying and fair values, and the applicable documentation.</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative financial instruments are used to hedge identified risks, at amounts that do not exceed 100% of the identified risk. Derivatives are referred to as "derivative instruments" to reflect their restricted function of hedging identified risks. </font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The table below summarizes the gross balance of the position of derivative instruments contracted as well as of the gains (losses) that affect the equity and the statement of income of the Company and its subsidiaries:</font></p>






</div>





</div>





</div>
<div style="line-height: 1.2;"><br></div>




</div>
<div style="line-height: 1.2;">
<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'>81</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:0pt"><br></p>
<div style="width: 8.5in; margin: 0 auto;">
<div style="line-height: 1.2;">
<table style="width: 99.9182%; margin: 0px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>








































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>













































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>








































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;"></td>








































</tr>


















































































</table>















</div>
<div style="line-height: 1.1;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 267px;" width="100%">

<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;" colspan="4"></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;" colspan="2"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;" colspan="2"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;" colspan="2"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;" colspan="3"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;" colspan="5"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;" colspan="3"><br></td>















</tr>
<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" colspan="4" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration: underline; float: none; display: inline !important;">Derivatives designated as hedge accounting</font></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" colspan="2" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" colspan="2" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" colspan="2" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" colspan="3" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" colspan="5" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" colspan="3" valign="bottom"><br></td>















</tr>
<tr>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" colspan="4"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" colspan="2"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" colspan="2"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" colspan="2"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" colspan="3"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" colspan="5"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" colspan="3"><br></td>















</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; text-align: center; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Product</font></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; text-align: center; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" colspan="2" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Contracted rates</font><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; text-align: center; vertical-align: bottom;" colspan="2" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; text-align: center; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" colspan="2" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Maturity</font></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; text-align: center; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" colspan="3" valign="bottom"><font style="font-size: 8pt;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold; line-height: inherit;">Notional amount&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold; vertical-align: super; line-height: inherit;">(2)</font></font></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; text-align: center; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; text-align: center; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" colspan="5" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Fair value as of 12/31/2024</font></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; text-align: center; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; text-align: center; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" colspan="3" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Gains (losses) as of 12/31/2024</font></td>















</tr>
<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 15%; height: 15px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 9%; height: 15px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Assets</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 11%; height: 15px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Liabilities</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1%; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 9%; height: 15px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1%; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; width: 13%; height: 15px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 9%; height: 15px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Assets</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; height: 15px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 9%; height: 15px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Liabilities</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 9%; height: 15px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Profit or loss</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; height: 15px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 9%; height: 15px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Fair value adjustment of debt - R$</font></p>




















</td>















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign exchange swap <font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(1)</font></font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD + 3.28%</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">105.7% of DI</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Sept/25</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD 206,067</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 76,649</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (3,808)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 171,493</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,647</font></p>




















</td>















</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign exchange swap <font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(1)</font></font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">EUR + 5.16%</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">109.2% of DI</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Mar/25</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">EUR 115,518</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 76,123</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 84,875</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,742)</font></p>




















</td>















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign exchange swap <font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(1)</font></font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">JPY + 1.50%</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">109.4% of DI</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Mar/25</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">JPY 12,564,393</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (45,826)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 47,567</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,294</font></p>




















</td>















</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign exchange swap <font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(1)</font></font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">SOFR + 1.29%</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">112.5% of DI</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Sept/25</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD 4,535</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,114</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,566</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(30)</font></p>




















</td>















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest rate swap <font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(1)</font></font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 5.13%</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">104.5% of DI</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jun/32</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">BRL 2,660,000</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">189,156</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (345,529)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">355,746</font></p>




















</td>















</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest rate swap <font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(1)</font></font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 2.83%</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">69.5% of DI</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Nov/41</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">BRL 151,465</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> -</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (3,321)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (3,321)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">37,511</font></p>




















</td>















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest rate swap <font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(1)</font></font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11.17%</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">104.3% of DI</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jul/27</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">BRL 525,791</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (53,638)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (67,786)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">62,628</font></p>




















</td>















</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Commodity forward <font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(1)</font></font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Heating Oil/ RBOB</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jan/25</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD 5,753</font></p>




















</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,104</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (11,869)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (25,309)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">NDF <font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(1)</font></font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Feb/25</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD 6,853</font></p>




















</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 729</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (6,022)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (34,336)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>















</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total - designated</font></p>




















</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 347,875</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (124,484)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;&nbsp; (169,780)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">465,054</font></p>




















</td>















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td colspan="4" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline; line-height: inherit;">Derivatives not designated as hedge accounting</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>















</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign exchange swap</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD + 0.00%</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">52.5% of CDI</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jun/29</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD 300,000</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 465,032</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 268,734</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>















</tr>
<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">NDF</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">BRL</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Mar/25</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD 15,425</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 13,546</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (6,501)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 42,241</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>















</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Commodity forward</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">BRL</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Heating Oil/ RBOB</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Mar/25</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD 2,422</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 4,926</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (3,867)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 53,069</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>















</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest rate swap</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD + 5.25%</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI -1.4%</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jun/29</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD 300,000</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (306,748)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (166,103)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 16px; text-align: right; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total - not designated</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 483,504</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (317,116)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 197,941</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8208;</font></p>




















</td>















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 16px; text-align: right; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 831,379</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (441,600)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">28,161</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">465,054</font></p>




















</td>















</tr>




































</table>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(1)</font> Derivative financial instruments designated for fair value hedge accounting (see Note 26.g.1).</font></p>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(2)</font> Currency as indicated.</font></p>








</div>







</div>







</div>
<div style="line-height: 1.1;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><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'>82</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: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="width: 8.5in; margin: 0 auto;">
<table style="width: 99.9182%; margin: 0px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>








































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>













































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>








































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;"></td>








































</tr>


















































































</table>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 307px;" width="100%">

<tr style="height: 14px;">
<td colspan="4" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; text-decoration: underline; line-height: inherit;">Derivatives designated as hedge accounting</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="background-color: #ffffff; padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="background-color: #ffffff; padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; text-align: center; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Product</font></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; text-align: center; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" colspan="2" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Contracted rates</font><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" colspan="2" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; text-align: center; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" colspan="2" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Maturity</font></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" colspan="2" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; text-align: center; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><font style="font-size: 8pt; line-height: inherit;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold; line-height: inherit;">Notional amount&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold; vertical-align: super; line-height: inherit;">(3)</font></font></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; text-align: center; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" colspan="3" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Fair value as of 12/31/2023</font><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; text-align: center; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" colspan="3" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Gains (losses) as of 12/31/2023</font><br></td>















</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 15%; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 9%; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Assets</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 11%; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Liabilities</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1%; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 9%; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1%; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 13%; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 9%; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Assets</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 9%; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Liabilities</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 9%; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Profit or loss</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 9%; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Fair value adjustment of debt - R$</font></p>




















</td>















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign exchange swap <font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(2)</font></font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD + 0.00%</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">53.60% of DI</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Oct/26</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD 234,000</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (106,657)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (145,949)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>




















</td>















</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign exchange swap <font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(1)</font></font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD + 5.47%</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">110.02% of DI</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Sept/25</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD 206,067</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (119,094)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (223,555)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,768)</font></p>




















</td>















</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign exchange swap <font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(1)</font></font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">EUR + 5.12%</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">111.93% of DI</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jan/24</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> EUR 22,480</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (22,529)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (23,304)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">230</font></p>




















</td>















</tr>
<tr style="height: 18px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign exchange swap <font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(1)</font></font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">JPY + 1.50%</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">109.40% of DI</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Mar/25</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> JPY 12,564,393</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (120,746)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (130,726)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,775)</font></p>




















</td>















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest rate swap <font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(1)</font></font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 5.03%</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">102.87% of DI</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jun/32</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> BRL 3,226,054</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 598,311</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 260,301</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(313,641)</font></p>




















</td>















</tr>
<tr style="height: 18px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest rate swap <font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(1)</font></font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 10.48%</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">103.64% of DI</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jun/27</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> BRL 615,791</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 12,515</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (3,182)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 10,694</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(10,163)</font></p>




















</td>















</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Commodity forward <font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(1)</font></font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">BRL</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Heating Oil/ RBOB</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jan/24</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD 129,894</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 22,343</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (854)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (50,977)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>















</tr>
<tr style="height: 18px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">NDF <font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(1)</font></font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">BRL</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Feb/24</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD 211,179</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,959</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (833)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 19,012</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>















</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total - designated</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 637,128</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (373,895)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (284,504)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (332,117)</font></p>




















</td>















</tr>
<tr style="height: 15px;">
<td colspan="4" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline; line-height: inherit;">Derivatives not designated as hedge accounting</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="vertical-align: bottom; height: 15px; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>















</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign exchange swap</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.00%</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">52.99% of CDI</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jun/29</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD 375,000</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 186,925</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (45,877)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (188,395)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>















</tr>
<tr style="height: 14px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">NDF</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">BRL</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Mar/24</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD 457,099</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,468</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (8,409)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (105,597)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>















</tr>
<tr style="height: 29px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Commodity forward</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">BRL</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Heating Oil/ Marine Fuel/ Others</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Mar/24</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD 18,127</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,524</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (2,310)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 5,489</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>















</tr>
<tr style="height: 14px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest rate swap</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.25%</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1.36% of CDI</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jun/29</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> USD 300,000</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (196,243)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 9,257</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>




















</td>















</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; text-align: right; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total - not designated</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 189,917</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (252,839)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (279,246)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8208;</font></p>




















</td>















</tr>
<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; text-align: right; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>















</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; text-align: right; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 827,045</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (626,734)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (563,750)</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(332,117)</font></p>




















</td>















</tr>




































</table>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(1)</font> Derivative financial instruments designated for fair value hedge accounting (see Note 26.g.1).</font></p>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(2)</font> Derivative financial instruments designated for cash flow hedge accounting (see Note 26.g.2).</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(3)</font> Currency as indicated.</font></p>







</div>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&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"><font class='pageno'>83</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>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="width: 8.5in; margin: 0 auto;">
<table style="width: 99.9182%; margin: 0px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>








































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>













































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>








































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;"></td>








































</tr>


















































































</table>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">g. Hedge accounting</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company and its subsidiaries use 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: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The hedged items and the hedging instruments have a high correspondence, since the contracted instruments have characteristics equivalent to the transactions considered as the hedged item. The Company and its subsidiaries designated a hedge ratio for transactions designated as hedge accounting, since the underlying risks of the hedging instruments correspond to the risks of the hedged items.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 28.35pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company and its subsidiaries discontinue the hedge accounting when the hedging instrument is settled, the hedged item ceases to exist or the hedge no longer meets the requirements for hedge accounting due to the absence of an economic relationship between the hedged item and the hedging instrument.</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">g.1 Fair value hedge</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company and its subsidiaries use derivative financial instruments such as fair value hedge to mitigate the risk of variations in interest and exchange rates, which affect the amount of contracted debts. In December 2024, no material ineffectiveness was identified in fair value hedge operations.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">g.2 Cash flow hedge</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In December 2024, the Company and its subsidiaries do not have cash flow hedges.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">h. Financial instruments (energy trading futures contracts)</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company&#8217;s subsidiaries operate in the Free Contracting Environment (ACL) and have entered into bilateral energy purchase and sale contracts with different market players. Accordingly, they assume short and long-term commitments. As a result of mismatched operations, they assume energy surplus or deficit positions, which are measured at a future market price curve (forward curve). Therefore, the Company designates these contracts as financial instruments, according to IFRS 9/CPC 48, at the beginning of the contract, to include the recording of the correct exposure to the risk of future purchase and sale transactions of bilateral contracts. </font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Sensitivity analysis &#8211; level 2 hierarchy</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Valuation technique</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Fair value of energy contracts</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Sensitivity of inputs to fair value </font><font style="font-weight: bold; vertical-align: super; line-height: inherit;">(a)</font></font></p>




















</td>




















</tr>
<tr style="height: 1pt;">
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 22.5%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial assets</font></p>




















</td>
<td rowspan="5" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 22.5%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Discounted cash flow method</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 25%; text-align: center; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">404,695</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 9%; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">+10%</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 19%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">382,794</font></p>




















</td>




















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; text-align: center;">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; text-align: right;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-10%</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">404,581</font></p>




















</td>




















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; text-align: center;">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; text-align: right;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>




















</tr>
<tr style="height: 1pt;">
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial liabilities</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; text-align: center;">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">114,776</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; text-align: right;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">+10%</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">115,361</font></p>




















</td>




















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; text-align: center;">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; text-align: right;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-10%</font></p>




















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">125,715</font></p>




















</td>




















</tr>









































</table>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(a)</font> This 10% variation scenario represents a fluctuation considered reasonable by the Company, based on the history of negotiations concluded under similar market conditions.</font></p>







</div>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><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'>84</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><div style="font-family: 'times new roman', times; font-size: 10pt;">
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<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>




































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<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>









































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>




































</tr>
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<td style="width: 55.9738%; height: 17px; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;"><br></td>




































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</table>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="background-color: #002060; margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BCommitments_1812025161829686" class="customBookmark"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;"> 27. Commitments (Consolidated)</font></a></div>
















</div>
<div style="line-height: 1.2;">
<p style="margin: 2pt 0pt 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">a. Contracts</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Subsidiary Ultracargo Log&#237;stica has agreements related to its port facilities in Aratu, Suape, Itaqui and Vila do Conde. Such agreements establish a minimum cargo movement, as shown below:</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<tr style="height: 31px;">
<td style="padding-right: 2.15pt; vertical-align: bottom; height: 31px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Port</font></p>
















</td>
<td style="padding-right: 2.15pt; vertical-align: bottom; height: 31px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Minimum movement </font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">per year</font></p>
















</td>
<td style="padding-right: 2.15pt; vertical-align: bottom; height: 31px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="line-height: 12pt; margin: 0pt 28.35pt 0pt 22.7pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; text-indent: -11.35pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Maturity</font></p>
















</td>














</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-right: 2.15pt; width: 80%; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: Aptos; line-height: inherit;">Aratu </font><font style="font-family: Aptos; vertical-align: super; line-height: inherit; font-size: 8pt;">(*)</font></font></p>
















</td>
<td style="padding-right: 2.15pt; width: 10%; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">900,000 ton.</font></p>
















</td>
<td style="padding-right: 2.15pt; width: 10%; vertical-align: bottom; height: 18px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">2022</font></p>
















</td>














</tr>
<tr style="height: 15px;">
<td style="padding-right: 2.15pt; vertical-align: bottom; height: 15px;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Suape</font></p>
















</td>
<td style="padding-right: 2.15pt; vertical-align: bottom; height: 15px;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">250,000 ton.</font></p>
















</td>
<td style="padding-right: 2.15pt; vertical-align: bottom; height: 15px;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">2027</font></p>
















</td>














</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-right: 2.15pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Suape</font></p>
















</td>
<td style="padding-right: 2.15pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">400,000 ton.</font></p>
















</td>
<td style="padding-right: 2.15pt; vertical-align: bottom; height: 15px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">2029</font></p>
















</td>














</tr>
<tr style="height: 15px;">
<td style="padding-right: 2.15pt; vertical-align: bottom; height: 15px;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Aratu</font></p>
















</td>
<td style="padding-right: 2.15pt; vertical-align: bottom; height: 15px;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">465,403 ton.</font></p>
















</td>
<td style="padding-right: 2.15pt; vertical-align: bottom; height: 15px;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">2031</font></p>
















</td>














</tr>
<tr style="height: 21px; background-color: #cceeff;">
<td style="padding-right: 2.15pt; vertical-align: bottom; height: 21px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Itaqui</font></p>
















</td>
<td style="padding-right: 2.15pt; vertical-align: bottom; height: 21px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: Aptos; line-height: inherit;">1,468,105 m</font><font style="font-family: Aptos; vertical-align: super; line-height: inherit; font-size: 7pt;">3</font></font></p>
















</td>
<td style="padding-right: 2.15pt; vertical-align: bottom; height: 21px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">2049</font></p>
















</td>














</tr>
<tr style="height: 15px;">
<td style="padding-right: 2.15pt; vertical-align: bottom; height: 15px;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Vila do Conde</font></p>
















</td>
<td style="padding-right: 2.15pt; vertical-align: bottom; height: 15px;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">343,625 ton.</font></p>
















</td>
<td style="padding-right: 2.15pt; vertical-align: bottom; height: 15px;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">2044</font></p>
















</td>














</tr>































</table>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"><font style="font-size: 8pt;"><sup>(*)</sup></font> Contract in the process of being renewed with the appropriate body, being judicialized by favorable decision, until the public entity completes the analysis so that the new amendment is signed.&nbsp; In a decision of the Ministry of Infrastructure, the investment plans presented by Ultracargo were preliminarily approved, and the Waterway Transport Regulatory Agency (ANTAQ) approved the technical, economic and environmental feasibility study of this extension project.</font></p>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">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 31, 2024, these rates were R$ 9.64 and R$ 3.05 per ton for Aratu and Suape, respectively, and R$ 0.98 per m&#179; for Itaqui. According to contractual conditions and tolerances, as of December 31, 2024, there were no material pending issues regarding the minimum limits of the contract. </font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="background-color: #002060; margin: 2pt 0pt 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BAcquisition_1812025161844358" class="customBookmark"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">28. Acquisition of Interest and Control</font></a></div>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">A business combination is accounted for applying the acquisition method. The cost of the acquisition is measured based on the consideration transferred and to be transferred, measured at fair value at the acquisition date. In a business combination, the assets acquired and liabilities assumed are measured in order to classify and allocate them according to the contractual terms, economic circumstances and relevant conditions at the acquisition date. The non-controlling interest in the acquired company is measured based on its interest in net assets identified in the acquired company. Goodwill is measured as the excess of the consideration transferred and to be transferred over the fair value of net assets acquired (identifiable assets and liabilities assumed, net). After the initial recognition, goodwill is measured at cost less any accumulated impairment losses. For impairment testing purposes, goodwill is allocated to the respective Company&#8217;s operating segments. When the cost of the acquisition is lower than the fair value of net assets acquired, a gain is recognized directly in the statement of income. Costs related to the acquisitions are recorded in the statement of income when incurred.</font></p>
<p style="margin: 0pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</div>
<div>
<p style="margin: 2pt 0pt 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">a. Hidrovias do Brasil S.A.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Aptos; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">In 2023, the Company began the process of acquiring an interest in Hidrovias do Brasil S.A. (&#8220;Hidrovias&#8221;), through the purchase of a 4.99% direct interest and a 4.99% indirect interest, through Total Return Swaps (&#8220;TRS&#8221;), recognized as financial asset and measured at fair value in accordance with IFRS 9/CPC 48. On March 18, 2024, the Company contributed its direct interest to its subsidiary Ultrapar Log&#237;stica Ltda. and settled the TRS. From this date, all transactions have been carried out through subsidiary Ultrapar Log&#237;stica Ltda.</font></p>










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<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><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'>85</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="width: 8.5in; margin: 0 auto;">
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<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>




































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<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>









































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>




































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000080 !important;"><br></td>




































</tr>










































































</table>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">On May 7, 2024, subsidiary Ultrapar Log&#237;stica completed the purchase of 128,369,488 shares from Hidrovias, which represented 16.88% of its share capital, at a cost of R$ 3.98/share.&nbsp; Also in May 2024, when obtaining sufficient evidence demonstrating its power to exert significant influence on decisions regarding Hidrovias' financial and operational policies, subsidiary Ultrapar Log&#237;stica began to recognize its interest in Hidrovias as an investment in an associate with significant influence, in accordance with IAS 28/CPC 18. </font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Subsequently, throughout December 2024, subsidiary Ultrapar Log&#237;stica acquired new shares through the Stock Exchange (&#8220;B3&#8221;) and reached an interest of 41.94% in Hidrovias&#8217; share capital.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: Aptos; line-height: inherit;">On December 26, 2024, subsidiary Ultrapar Log&#237;stica signed an Advance for Future Capital Increase&nbsp; agreement with Hidrovias, in the amount of R$ 500,000, which will be used for future subscription and payment of</font><font style="font-family: Aptos; line-height: inherit;"> Hidrovias</font><font style="font-family: Aptos; line-height: inherit;">&#8217;s shares, in a capital increase to be approved by the Board of Directors of Hidrovias in the first quarter of 2025.</font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">The transaction amounts&#8203;for acquiring an interest in Hidrovias are shown below:&nbsp; </font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.8%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Amount paid for the acquisition of shares &#8211; financial asset</font></p>
















</td>
<td style="padding: 0px 3.5px; vertical-align: middle; width: 14.2%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 579,066</font></p>
















</td>
















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.8%;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Gain (loss) on fair value adjustment of financial assets</font></p>
















</td>
<td style="padding: 0px 3.5px; vertical-align: middle; width: 14.2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 66,267</font></p>
















</td>
















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.8%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Total financial asset transferred to the investments line item</font></p>
















</td>
<td style="padding: 0px 3.5px; vertical-align: middle; width: 14.2%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 645,333</font></p>
















</td>
















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.8%;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Subsequent acquisitions of additional interests</font></p>
















</td>
<td style="padding: 0px 3.5px; vertical-align: middle; width: 14.2%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 690,186</font></p>
















</td>
















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.8%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: Aptos; font-weight: bold; line-height: inherit;">Total investment in </font><font style="font-family: Aptos; font-weight: bold; line-height: inherit;">Hidrovias</font><font style="font-family: Aptos; font-weight: bold; line-height: inherit;"> as of December 31, 2024 (A) </font><font style="font-family: Aptos; font-weight: bold; vertical-align: super; line-height: inherit; font-size: 8pt;">1</font></font></p>
















</td>
<td style="padding: 0px 3.5px; vertical-align: middle; width: 14.2%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,335,519</font></p>
















</td>
















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.8%;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding: 0px 3.5px; vertical-align: bottom; width: 14.2%; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.8%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">Participation equivalent to equity of the associate (B)</font></p>
















</td>
<td style="padding: 0px 3.5px; vertical-align: middle; width: 14.2%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;"> 560,475</font></p>
















</td>
















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.8%;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">Provisional goodwill on acquisition of investment (A-B)</font></p>
















</td>
<td style="padding: 0px 3.5px; vertical-align: middle; width: 14.2%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;"> 775,044</font></p>
















</td>
















</tr>

































</table>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: Aptos; line-height: inherit;"><sup>1</sup> Equivalent interest </font><font style="font-family: Aptos; line-height: inherit;">calculated with basis on acquisition date, disregarding the posterior effects of </font><font style="font-family: Aptos; line-height: inherit;">share of profit (loss) of subsidiaries, joint ventures and associates</font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Based on applicable accounting standards and supported by an independent appraisal firm, the Company is determining the statement of financial position as at the acquisition date, the fair value of assets and liabilities, and the purchase price allocation (&#8220;PPA&#8221;), which will be completed in 2025.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><br></p>
<p style="margin: 2pt 0pt 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">b. WTZ Participa&#231;&#245;es S.A.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">On September 1, 2024, through subsidiary Cia Ultragaz, the Company acquired 51.7% of the voting share capital of WTZ Participa&#231;&#245;es S.A. (&#8220;Witzler&#8221;). The transaction qualifies as a business combination as defined in IFRS 3 (CPC 15 (R1)) &#8211; Business Combinations. This acquisition is in line with Ultragaz's strategy to expand its offering of energy solutions to its customers, leveraging on its capillarity, commercial strength, brand and extensive base of corporate and residential customers.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Witzler was founded in 2015 and its main activities are the sale of electric energy in the free market and energy management, with a national presence. </font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: Aptos; line-height: inherit;">The initial payment, including the capital contribution of R$ 49,490, totaled R$ 104,490. The remaining transaction amount of R$ 40,878 was recorded under &#8220;Other payables&#8221; and will be paid after the contractual clauses have been fulfilled. The Company, based on applicable accounting standards and supported by an independent appraisal firm, is determining the statement of financial position as at the acquisition date, the fair value of assets and liabilities and, consequently, goodwill. The provisional goodwill determined is R$ 52,038.</font><font style="font-family: Aptos; line-height: inherit;"> The purchase price allocation (&#8220;PPA&#8221;) will be completed in 2025.</font></font></p>









</div>









<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'>86</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 style="width: 8.5in; margin: 0 auto;">
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>




































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>









































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>




































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000080 !important;"><br></td>




































</tr>










































































</table>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">The table below summarizes the consolidated balances of assets acquired and liabilities at the acquisition date, subject to adjustment for purchase price allocation and goodwill determination:</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 316px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 3.5px; vertical-align: bottom; width: 382.5pt; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; text-decoration: underline; line-height: inherit;">Assets</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 48pt; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 3.5px; vertical-align: bottom; width: 382.5pt; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Cash and cash equivalents</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 48pt; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 5,399</font></p>
















</td>














</tr>
<tr style="height: 17px;">
<td style="padding: 0px 3.5px; vertical-align: bottom; width: 382.5pt; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Trade receivables</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 48pt; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 33,168</font></p>
















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 3.5px; vertical-align: bottom; width: 382.5pt; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Recoverable taxes</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 48pt; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 3,036</font></p>
















</td>














</tr>
<tr style="height: 17px;">
<td style="padding: 0px 3.5px; vertical-align: bottom; width: 382.5pt; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Prepaid expenses</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 48pt; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 170</font></p>
















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 3.5px; vertical-align: bottom; width: 382.5pt; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Other receivables</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 48pt; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 320</font></p>
















</td>














</tr>
<tr style="height: 17px;">
<td style="padding: 0px 3.5px; vertical-align: bottom; width: 382.5pt; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Other investments</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 48pt; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 5</font></p>
















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 3.5px; vertical-align: bottom; width: 382.5pt; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Property, plant and equipment, net</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 48pt; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 1,684</font></p>
















</td>














</tr>
<tr style="height: 17px;">
<td style="padding: 0px 3.5px; vertical-align: bottom; width: 382.5pt; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Intangible assets, net</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 48pt; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 11</font></p>
















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 3.5px; vertical-align: bottom; width: 382.5pt; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Derivative instruments</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 48pt; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 209,348</font></p>
















</td>














</tr>
<tr style="height: 17px;">
<td style="padding: 0px 3.5px; vertical-align: bottom; width: 382.5pt; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; text-decoration: underline; line-height: inherit;">Liabilities</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 48pt; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 3.5px; vertical-align: bottom; width: 382.5pt; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Loans and financing</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 48pt; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 68</font></p>
















</td>














</tr>
<tr style="height: 17px;">
<td style="padding: 0px 3.5px; vertical-align: bottom; width: 382.5pt; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Trade payables</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 48pt; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 27,541</font></p>
















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 3.5px; vertical-align: bottom; width: 382.5pt; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Salaries and related charges</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 48pt; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 2,211</font></p>
















</td>














</tr>
<tr style="height: 17px;">
<td style="padding: 0px 3.5px; vertical-align: bottom; width: 382.5pt; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Taxes payable, income and social contribution taxes payable</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 48pt; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 80,918</font></p>
















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 3.5px; vertical-align: bottom; width: 382.5pt; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Other payables</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 48pt; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 2,655</font></p>
















</td>














</tr>
<tr style="height: 17px;">
<td style="padding: 0px 3.5px; vertical-align: bottom; width: 382.5pt; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Goodwill based on expected future profitability</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 48pt; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 52,038</font></p>
















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 3.5px; vertical-align: bottom; width: 382.5pt; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Non-controlling interests</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 48pt; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 67,498</font></p>
















</td>














</tr>
<tr style="height: 10px;">
<td style="padding: 0px 3.5px; vertical-align: bottom; width: 382.5pt; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">Assets and liabilities consolidated in the opening balance</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 48pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;"> 124,288</font></p>
















</td>














</tr>































</table>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 247px; width: 100%;" width="100%">

<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 382.5pt; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 48pt; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>














</tr>
<tr style="height: 17px;">
<td style="padding: 0px 3.5px; vertical-align: bottom; width: 382.5pt; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Assets acquired</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 48pt; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 130,873</font></p>
















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 3.5px; vertical-align: bottom; width: 382.5pt; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Liabilities assumed</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 48pt; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 58,623</font></p>
















</td>














</tr>
<tr style="height: 17px;">
<td style="padding: 0px 3.5px; vertical-align: bottom; width: 382.5pt; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Goodwill based on expected future profitability</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 48pt; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 52,038</font></p>
















</td>














</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 382.5pt; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 48pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>














</tr>
<tr style="height: 18px;">
<td style="padding: 0px 3.5px; vertical-align: bottom; width: 382.5pt; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">Acquisition value</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 48pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;"> 124,288</font></p>
















</td>














</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 3.5px; vertical-align: bottom; width: 382.5pt; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Comprised by</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 48pt; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>














</tr>
<tr style="height: 17px;">
<td style="padding: 0px 3.5px; vertical-align: bottom; width: 382.5pt; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Cash</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 48pt; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 59,506</font></p>
















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 3.5px; vertical-align: bottom; width: 382.5pt; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Acquisition of ownership interest via capital contribution (as non-controlling interests)</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 48pt; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 23,904</font></p>
















</td>














</tr>
<tr style="height: 10px;">
<td style="padding: 0px 3.5px; vertical-align: bottom; width: 382.5pt; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Contingent consideration to be settled</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 48pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 40,878</font></p>
















</td>














</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 3.5px; vertical-align: bottom; width: 382.5pt; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">Total consideration</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 48pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;"> 124,288</font></p>
















</td>














</tr>
<tr style="height: 18px;">
<td style="padding: 0px 3.5px; vertical-align: bottom; width: 382.5pt; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 48pt; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 3.5px; vertical-align: bottom; width: 382.5pt; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Net cash outflow resulting from acquisition</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 48pt; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>














</tr>
<tr style="height: 17px;">
<td style="padding: 0px 3.5px; vertical-align: bottom; width: 382.5pt; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Initial consideration in cash</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 48pt; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 59,506</font></p>
















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 3.5px; vertical-align: bottom; width: 382.5pt; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Cash and cash equivalents acquired</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 48pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> (5,399)</font></p>
















</td>














</tr>
<tr style="height: 10px;">
<td style="padding: 0px 3.5px; vertical-align: bottom; width: 382.5pt; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">Acquisition value</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 48pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;"> 54,107</font></p>
















</td>














</tr>































</table>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">c. Serra Diesel Transportador Revendedor Retalhista Ltda.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">On September 1, 2023, through subsidiary Ultrapar Mobilidade Ltda., the Company acquired 60% of the voting share capital of Serra Diesel Transportador Revendedor Retalhista Ltda. (&#8220;Serra Diesel&#8221;), qualifying the transaction as a business combination as defined in IFRS 3 (CPC 15 (R1)) &#8211; Business Combinations. The acquisition complements Ultrapar's operations in the mobility and liquid fuel distribution segment.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Serra Diesel was established in 2006 and its main activity is the fuel trade carried out by a wholesale carrier-reseller-retailer, with presence in the southern region of Brazil.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: Aptos; line-height: inherit;">The initial payment, including the capital contribution in the amount of R$ 16,193, totaled R$ 21,193. The remaining amount of R$ 4,816 was recorded under &#8220;Other payables&#8221; and paid after the contractual clauses have been fulfilled. </font><font style="font-family: Aptos; line-height: inherit;">The Company, based on applicable accounting standards and supported by an independent appraisal firm, calculated the definitive amounts for the purchase price allocation as of August 31</font><font style="font-family: Aptos; line-height: inherit;">, 2024,</font><font style="font-family: Aptos; line-height: inherit;"> and determined the final goodwill in the amount of R$ 1,413.</font></font></p>









</div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: Aptos; line-height: inherit;"><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'>87</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 style="width: 8.5in; margin: 0 auto;">
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>




































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>









































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>




































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000080 !important;"><br></td>




































</tr>










































































</table>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><br></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">The table below summarizes the consolidated balances of assets acquired and liabilities at the acquisition date recognized at fair value:</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 589px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; text-decoration: underline; line-height: inherit;">Assets</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 14.96%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Cash and cash equivalents</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 14.96%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 1,719</font></p>
















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Trade receivables</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 14.96%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 28,475</font></p>
















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Inventories</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 14.96%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 9,128</font></p>
















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Recoverable taxes</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 14.96%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 2,551</font></p>
















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Other receivables</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 14.96%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 55</font></p>
















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Other investments</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 14.96%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 298</font></p>
















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Right-of-use assets, net</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 14.96%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 25,500</font></p>
















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Property, plant and equipment, net</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 14.96%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 41,938</font></p>
















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Intangible assets, net</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 14.96%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 11,634</font></p>
















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; text-decoration: underline; line-height: inherit;">Liabilities</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 14.96%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Loans and financing</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 14.96%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 17,337</font></p>
















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Trade payables</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 14.96%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 26,965</font></p>
















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Salaries and related charges</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 14.96%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 1,933</font></p>
















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Taxes payable, income and social contribution taxes payable</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 14.96%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 376</font></p>
















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Leases payable</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 14.96%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 25,500</font></p>
















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Other payables</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 14.96%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 8,194</font></p>
















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Goodwill based on expected future profitability</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 14.96%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 1,413</font></p>
















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Non-controlling interests</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 14.96%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 16,397</font></p>
















</td>














</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">Assets and liabilities consolidated in the opening balance</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 14.96%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;"> 26,009</font></p>
















</td>














</tr>
<tr style="height: 18px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 14.96%; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Assets acquired</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 14.96%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 72,779</font></p>
















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Liabilities assumed</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 14.96%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 48,183</font></p>
















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Goodwill based on expected future profitability</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 14.96%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 1,413</font></p>
















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 14.96%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>














</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">Acquisition value</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 14.96%; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><br></p>
















</td>














</tr>
<tr style="height: 19px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 19px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Comprised by</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 14.96%; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Cambria Math'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>
















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> Cash</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 14.96%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 5,000</font></p>
















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> Acquisition of ownership interest via capital contribution (as non-controlling interests)</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 14.96%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 16,193</font></p>
















</td>














</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> Contingent consideration settled</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 14.96%; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; background-color: #cceeff; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 4,816</font></p>
















</td>














</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">Total consideration</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 14.96%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;"> 26,009</font></p>
















</td>














</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 14.96%; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> Initial consideration in cash</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 14.96%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> (5,000)</font></p>
















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> Contingent consideration settled</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 14.96%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> (4,816)</font></p>
















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> Cash and cash equivalents acquired</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 14.96%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 1,720</font></p>
















</td>














</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 85.04%; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 14.96%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;"> (8,096)</font></p>
















</td>














</tr>































</table>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">d. Opla - Terminal de Combust&#237;veis Paul&#237;nia S.A.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">On July 1, 2023, through its subsidiary Ultracargo Log&#237;stica S.A., the Company acquired a 50% interest in Terminal de Combust&#237;veis Paul&#237;nia S.A. (&#8220;Opla&#8221;), qualifying the transaction as an acquisition of a joint venture as defined in IAS 28 (CPC 18 (R2) &#8211; Investments in Associates and Joint Ventures) and IFRS 11 (CPC 19 (R2) - Joint Arrangements). The acquisition of interest in Opla marked Ultracargo's entry into the inland liquid bulk storage and logistics segment, integrated with port terminals, in line with its growth plan. With the acquisition, Ultracargo and BP Biofuels Brazil Investments Ltd. (&#8220;BP&#8221;) become joint ventures of Opla.</font></p>









</div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"><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'>88</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: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><br></p>
<div style="width: 8.5in; margin: 0 auto;">
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14pt; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>




































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px;">
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt;">Notes to the financial
statements</font></b><b><font style="font-size: 10pt;"></font></b></font></p>









































</td>
<td style="vertical-align: top; width: 43.9853%; height: 17px;"><br></td>




































</tr>
<tr style="height: 17px;">
<td style="width: 55.9738%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000080 !important;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">For the year ended December 31, 2024</font></b></font></td>
<td style="vertical-align: top; width: 43.9853%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000080 !important;"><br></td>




































</tr>










































































</table>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><br></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">The total amount of the operation is R$ 237,500 subject to working capital and net debt adjustments. The purchase price includes the transaction amount, including estimated working capital and net debt adjustments. The transaction was paid in a single installment of R$ 210,096 on July 1, 2023. The Company, based on applicable accounting standards and supported by an independent appraisal firm, calculated the definitive amounts for the purchase price allocation as of June 30, 2024, and determined the final goodwill in the amount of R$117,306.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">The following table summarizes the balances of assets acquired and liabilities at fair value at the acquisition date, including goodwill determination:</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 86.64%;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; text-decoration: underline; line-height: inherit;">Assets</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 13.36%;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>














</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 86.64%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Cash and cash equivalents</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 13.36%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 3,248</font></p>
















</td>














</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 86.64%;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Trade receivables</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 13.36%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 6,107</font></p>
















</td>














</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 86.64%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Recoverable taxes</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 13.36%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 402</font></p>
















</td>














</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 86.64%;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Other receivables and other assets</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 13.36%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 1,057</font></p>
















</td>














</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 86.64%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 13.36%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>














</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 86.64%;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Property, plant and equipment, net</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 13.36%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 248,951</font></p>
















</td>














</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 86.64%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Intangible assets, net</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 13.36%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 10,441</font></p>
















</td>














</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 86.64%;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; text-decoration: underline; line-height: inherit;">Liabilities</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 13.36%;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>














</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 86.64%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Loans and financing</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 13.36%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 44,568</font></p>
















</td>














</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 86.64%;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Trade payables</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 13.36%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 911</font></p>
















</td>














</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 86.64%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Salaries and related charges</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 13.36%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 1,430</font></p>
















</td>














</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 86.64%;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Taxes payable, income and social contribution taxes payable</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 13.36%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 13,974</font></p>
















</td>














</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 86.64%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Other payables</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 13.36%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 23,743</font></p>
















</td>














</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 86.64%;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">Fair value of investee&#8217;s assets and liabilities</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 13.36%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;"> 185,580</font></p>
















</td>














</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 86.64%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: Aptos; line-height: inherit;">Fair value of assets and liabilities according to </font><font style="font-family: Aptos; line-height: inherit;">Ultracargo's</font><font style="font-family: Aptos; line-height: inherit;"> interest</font></font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 13.36%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 92,790</font></p>
















</td>














</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 86.64%;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Goodwill based on expected future profitability</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 13.36%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 117,306</font></p>
















</td>














</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 86.64%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">Acquisition value</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 13.36%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;"> 210,096</font></p>
















</td>














</tr>































</table>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">The goodwill determined on the operation is based on the expected future profitability and on the synergy with the operations of Ultracargo, supported by the appraisal report, after allocation of the identified assets. The goodwill is expected to be deductible for income tax purposes.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">In the process of identifying assets and liabilities, intangible assets that were not recognized in the books of the acquired entity were also considered, as shown below:</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 8pt; font-weight: bold; line-height: inherit;">R$</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 8pt; font-weight: bold; line-height: inherit;">Useful life</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 8pt; font-weight: bold; line-height: inherit;">Amortization method</font></p>
















</td>
















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 68%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Licenses</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 612</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">5 years</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Straight line</font></p>
















</td>
















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Customer list and relationship</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"> 4,609</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">6 years</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Straight line</font></p>
















</td>
















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;"> 5,221</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
















</tr>

































</table>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="background-color: #002060; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BEvents_1812025161912702" class="customBookmark"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">29. Events after the reporting period</font></a></div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><br></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt; font-style: italic; font-weight: bold; break-after: avoid; break-inside: avoid;"><b><i><font lang="EN-US">a. Issuing of foreign loan by Ultragaz</font></i></b></font><font lang="EN-US" style="font-size: 12.0pt; font-family: 'Aptos',sans-serif;"></font></p>
<p style="margin: 2pt 0cm 0cm; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-family: 'Aptos',sans-serif;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; text-indent: 0pt;"><font lang="EN-US" style="font-size: 10pt; font-family: Aptos, sans-serif; margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt;">On
February 14, 2025, the subsidiary Cia Ultragaz realized the issuing of foreign
loan (without financial covenants) on the amount of USD 100,000 (equivalent to
R$ 577,880 on transaction moment), with financial charges of SOFR + 0.91% p.a.
and maturing on February 13, 2026. The subsidiary entered into hedging
instruments against foreign exchange and interest rate variations on american
dollar, changing financial charges to 102.90% of DI.</font></font></p>
<p style="margin: 0pt; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; text-indent: 0pt;"><font lang="EN-US" style="font-family: 'Aptos',sans-serif;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-indent: 0pt;"><font style="font-style: italic; font-weight: bold; font-family: Aptos; font-size: 10pt; break-after: avoid; break-inside: avoid;"><b><i><font lang="EN-US">b. Issuing of constitutional fund by Ultracargo</font></i></b></font><font lang="EN-US" style="font-size: 12.0pt; font-family: 'Aptos',sans-serif;"></font></p>
<p style="margin: 0pt; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; text-indent: 0pt;"><font lang="EN-US" style="font-family: 'Aptos',sans-serif;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; text-indent: 0pt; line-height: 1.2;"><font lang="EN-US" style="font-size: 10pt; font-family: Aptos, sans-serif; margin: 2pt 0cm 0cm; text-align: justify; line-height: inherit;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">On
February 6, 2025, the subsidiary Ultracargo Log&#237;stica realized the issuing of
Northeast region constitutional fund (without financial covenants) on the
amount of R$ 100,976, with financial charges of IPCA + 2.93% p.a. and maturing
on November 15, 2041. The subsidiary entered into hedging instruments changing
financial charges to 69.65% of DI.</font></font></p>
<p style="margin: 0pt; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; text-indent: 0pt; line-height: 1.2;"><br></p>
<p style="break-after: avoid; margin: 2pt 0cm 0cm; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><font style="font-size: 12pt; font-family: Aptos, sans-serif; margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-style: italic; font-weight: bold; font-family: Aptos; font-size: 10pt; break-after: avoid; break-inside: avoid;">c. Issuance of shares</font></font></i></b></p>
<p style="margin: 2pt 0cm 0cm; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font lang="EN-US">&nbsp;</font></p>
<p style="margin: 2pt 0cm 0cm; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; font-family: Aptos, sans-serif; margin: 0pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt;">On
February 26, 2025, the Company&#8217;s Board of Directors confirmed the issuance of
67,679 common shares within the authorized capital limit provided by art. 6 of
the Company's Bylaws, due to the partial exercise of the rights conferred by
the subscription warrants issued by the Company when the merger of all
Extrafarma shares by the Company, approved by the extraordinary general meeting
of the Company held in January 31, 2014. The share capital of the Company will
therefore be represented by 1,115,507,182 common shares, all of which are
registered and without par value. The issuance of shares resulting to partial
exercise of subscription warrants do not generate increase of share capital
value, since the entirety of Extrafarma&#8217;s assets was already reflected in the
Ultrapar financial position on the act of incorporation of shares.</font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><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"><font class='pageno'>89</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><p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></p>
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</tr>
<tr style="background-color: #00458c;">
<td style="width: 80.845%; padding: 0px 0px 0px 20px; background-color: #00458c;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BMR2024_2512025201215404" class="customBookmark"><font style="color: #ffffff; font-size: 18pt;">2024 Management Report</font></a><br></td>
<td style="width: 19.155%; background-color: #00458c; text-align: right;"><img src="imga322366b78e24dfa940b.jpg" alt="Graphics"></td>




























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</table>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">&nbsp;</font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">&nbsp;</font></font></p>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 10px; width: 100%;" width="100%">

<tr style="height: 10px;">
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<p style="line-height: 14pt; margin: 0pt 0pt 6pt; text-align: justify;"><font style="font-family: 'times new roman', times;"><font style="color: #3cbfbe; font-size: 12pt; font-weight: bold; line-height: inherit;">Message from Management</font></font></p>






































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<div style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; text-align: justify;">In 2024, Ultrapar&nbsp;had another year of significant progress. Despite the volatility and uncertainties, our three main businesses delivered good&nbsp;operational results. We highlight the continued growth of Ultragaz and Ultracargo, and the resilience of Ipiranga, even in an environment of significant unlawful practices in the fuel market.</font>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">The strong operational cash generation allowed the Company to maintain its financial leverage ratio at comfortable levels, even with higher levels of organic investments for the expansion of existing businesses and the acquisition of a significant equity stake in Hidrovias do </font><font style="font-size: 10pt; line-height: inherit;">Brasil</font><font style="font-size: 10pt; line-height: inherit;">.</font></font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">We invested R$ 2.2 billion in 2024, allocating R$ 1.3 billion (59%) for&nbsp;expansion and R$ 900 million for the&nbsp;maintenance. We also invested R$ 1.8 billion to acquire a 42% stake in Hidrovias do </font><font style="font-size: 10pt; line-height: inherit;">Brasil</font><font style="font-size: 10pt; line-height: inherit;">, including the resources of the instrument of advance for future capital increase, our largest capital allocation in a single asset in the past 10 years, aiming at the long-term value generation potential of the company. We also acquired a stake in </font><font style="font-size: 10pt; line-height: inherit;">Witzler</font><font style="font-size: 10pt; line-height: inherit;"> for R$ 124 million, which complemented our portfolio of energy solutions at Ultragaz by integrating a renewable energy trader.</font></font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">We celebrated 25 years as a publicly traded company by launching our new brand, reflecting our essence and important attributes that drive us towards the future. We evolved our governance model by establishing Boards of Directors in the b</font><font style="font-size: 10pt; line-height: inherit;">usiness</font><font style="font-size: 10pt; line-height: inherit;">, providing greater agility, autonomy, and accountability in each business, as well as efficiency and influence in performance tracking. These actions reaffirm and consolidate the Company strategy as a shareholder and capital allocator focused on long-term value generation and, solid governance, allowing the&nbsp;</font><font style="font-size: 10pt; line-height: inherit;">Ultrapar</font><font style="font-size: 10pt; line-height: inherit;">&nbsp;Board of Directors discussions to focus on capital allocation, portfolio management, and talent development aligned with our corporate culture.</font></font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As part of our succession plan, we announced the planned transition process for the roles of Chief Executive Office and Chief Financial and Investor Relations Officer, set to be concluded in April 2025. </font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Additionally, we advanced in&nbsp;our sustainability journey, a key component of </font><font style="font-size: 10pt; line-height: inherit;">Ultrapar's</font><font style="font-size: 10pt; line-height: inherit;"> strategy and the basis for updating our 2030 ESG plan, which will be completed in 2025.</font></font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">We ended 2024 with net revenue of R$133 billion, 6% higher than in 2023. We achieved a recurring EBITDA of R$ 5.4 billion and net income of R$ 2.5 billion, of which R$ 769 million will be distributed as dividends to shareholders.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">We announced our investment plan for 2025, totaling R$ 2.5 billion. The amount allocated for the business expansions is R$ 1.5 billion of the total and includes projects at&nbsp;Ipiranga, Ultragaz, and Ultracargo. The remaining will be directed to asset maintenance, safety, service station upgrades, acquisition of bottles, and investments in technology, particularly the ERP replacement at Ipiranga.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">We entered 2025 in a challenging global environment, marked by geopolitical tensions, high interest rates, and economic instability. However, we are prepared to face these challenges and seize&nbsp;opportunities with an engaged leadership team and strengthened businesses, continuing our growth and value-creation journey. We thank our customers, suppliers, shareholders and other stakeholders for </font><font style="font-size: 10pt; line-height: inherit;">the</font><font style="font-size: 10pt; line-height: inherit;"> trust and partnership to the continuous evolution of the Company. </font><font style="font-size: 10pt; line-height: inherit;">In particular, we</font><font style="font-size: 10pt; line-height: inherit;"> thank all our employees for their dedication, commitment and achievements throughout the year.&nbsp;</font></font></p>
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<p style="margin: 0.15pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
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<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Ultrapar </font><font style="font-size: 10pt; line-height: inherit;">holds</font><font style="font-size: 10pt; line-height: inherit;"> 87 years of history, with its origins going back to 1937, when Ernesto Igel founded Ultragaz, a company which pioneered the distribution of liquefied petroleum gas (LPG) as cooking gas. Since then, Ultrapar has become one of the largest business groups of Brazil, with an outstanding position in the energy,&nbsp;<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: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">mobility</font>&nbsp;and logistics infrastructure sectors through </font><font style="font-size: 10pt; line-height: inherit;">Ultragaz, Ipiranga,<font>&nbsp;</font>Ultracargo and Hidrovias do </font><font style="font-size: 10pt; line-height: inherit;">Brasil</font><font style="font-size: 10pt; line-height: inherit;">.</font></font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In 1999, Ultrapar simultaneously conducted and IPO on the New York Stock Exchange (NYSE) and on the S&#227;o Paulo Stock Exchange (B3). Since 2011, the Company&#8217;s shares have been listed on B3&#8217;s Novo Mercado segment.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">At the end of 2024, the Company&#8217;s portfolio was mainly composed of four businesses: </font></p>
<p style="margin: 12pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Ipiranga</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">A comprehensive ecosystem of mobility products and services, Ipiranga is one of the largest fuels and lubricants distribution companies and one of the most valuable brands in the country, with a network of approximately 5,900 service stations, in addition to 1.</font><font style="font-size: 10pt; line-height: inherit;">5</font><font style="font-size: 10pt; line-height: inherit;"> thousand </font><font style="font-size: 10pt; line-height: inherit;">AmPm</font><font style="font-size: 10pt; line-height: inherit;"> stores, the largest convenience store franchise in Brazil.</font><font style="font-size: 10pt; line-height: inherit;">&nbsp;</font></font></p>
<p style="margin: 12pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Ultragaz</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Pioneer company and leader in the distribution of LPG in Brazil, it is a reference in innovation in the sector and has been expanding its offer of energy solutions for its customers, offering renewable energy, compressed natural gas (CNG), and biomethane. It serves around 60 thousand business customers and 11 million households, through a network that already exceeds 6 thousand resellers, in a safe, efficient, and sustainable way.</font></p>
<p style="margin: 12pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Ultracargo</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The leading company in the sector of independent liquid bulk storage terminals in Brazil, it is present in the country&#8217;s main ports, handling fuels, biofuels, chemicals, and vegetable oils. It has advanced its growth strategy by expanding into inland areas, connecting Brazil&#8217;s coastline to its interior.</font></p>
<p style="margin: 12pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Hidrovias do </font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Brasil</font></font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">A leader in waterway cargo transport in Brazil, mainly for handling of grains, minerals, fertilizers, and salt. It has four operations: an integrated logistics system in the Northern Corridor, coastal shipping, river navigation in the Southern Corridor, and port operation in Santos.</font></p>
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<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Innovation and entrepreneurship have been part of Grupo Ultra&#8217;s culture, being essential attributes to its strategy. Over its 87-year history, these elements have enabled the Company to contribute to the development of Brazil and its portfolio businesses.&nbsp; </font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Ultrapar</font><font style="font-size: 10pt; line-height: inherit;"> seeks to promote a culture of innovation across all companies in its portfolio. In 2024, through the Ultra Innovation Talks forum, it fostered discussions about innovation and technology trends and their applicability within the organization. It also encouraged the sharing of best practices and the identification of potential synergies among the Group's businesses.&nbsp;</font></font></p>
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<p style="margin: 10pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">The venture capital fund UVC Investimentos supports the internal innovation process,</font><font style="font-size: 10pt; line-height: inherit;"> with</font><font style="font-size: 10pt; line-height: inherit;"> invest</font><font style="font-size: 10pt; line-height: inherit;">ments</font><font style="font-size: 10pt; line-height: inherit;"> in seven active startups that have adjacent or potentially disruptive impacts </font><font style="font-size: 10pt; line-height: inherit;">to</font> <font style="font-size: 10pt; line-height: inherit;">the portfolio businesses.</font></font></p>
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<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">At </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Ipiranga</font><font style="font-size: 10pt; line-height: inherit;">, a major transformational movement in the company's technology platform began</font><font style="font-size: 10pt; line-height: inherit;">. </font><font style="font-size: 10pt; line-height: inherit;">One of the main projects is replacing the operational system (ERP), which will bring significant improvements to company processes, making them more automated and efficient, and enhancing decision-making. Additionally, this new Vice Presidency will oversee projects aimed at expanding and enhancing digital experience for resellers, customers, and consumers. Throughout the year, Ipiranga also adopted a new methodology for product innovation, refining the planning and execution phases and ensuring its Research &amp; Development (R&amp;D) process aligns more closely with sustainable and responsible practices. Another highlight of the year was the return of Texaco gas stations to Brazil, thanks to a partnership with Chevron. For this, an innovative business model was developed where the reseller exclusively represents the Texaco brand in a region and collaboratively develops strategies with Ipiranga to boost their business. </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">ICONIC,</font><font style="font-size: 10pt; line-height: inherit;"> the joint venture between Ipiranga </font><font style="font-size: 10pt; line-height: inherit;">and Chevron, inaugurated its new Technology Center at its production unit in Duque de Caxias (RJ), making it one of the main private R&amp;D centers in the lubricant sector in Latin America. As part of </font><font style="font-size: 10pt; line-height: inherit;">Ipiranga's</font><font style="font-size: 10pt; line-height: inherit;"> ecosystem, </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">AmPm</font><font style="font-size: 10pt; line-height: inherit;"> continued forming new partnerships to deliver innovative and memorable experiences to its customers. In early 2024, it formed a joint venture with Krispy Kreme to bring the brand's donuts exclusively to its proprietary and franchise store network. </font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Ultragaz</font><font style="font-size: 10pt; line-height: inherit;"> delivered various innovative solutions to its customers in 2024, the result of a consistent R&amp;D trajectory that has intensified since 2020. One of </font><font style="font-size: 10pt; line-height: inherit;">this solutions</font><font style="font-size: 10pt; line-height: inherit;"> was the distribution of its first batch of </font><font style="font-size: 10pt; line-height: inherit;">BioLPG</font><font style="font-size: 10pt; line-height: inherit;">, in partnership with </font><font style="font-size: 10pt; line-height: inherit;">Refinaria</font> <font style="font-size: 10pt; line-height: inherit;">Riograndense</font><font style="font-size: 10pt; line-height: inherit;"> (RPR), in which Ultrapar holds a stake. Produced with soybean oil, </font><font style="font-size: 10pt; line-height: inherit;">BioLPG</font><font style="font-size: 10pt; line-height: inherit;"> is a renewable alternative that has the same technical specifications and efficiency as LPG. It does not require changes to customers' existing infrastructure and reduces greenhouse gas (GHG) emissions&#8212;compared to coal, the reduction can reach up to 80%. Additionally, the distribution of biomethane by </font><font style="font-size: 10pt; line-height: inherit;">NEOG&#225;s</font><font style="font-size: 10pt; line-height: inherit;"> was innovative in marketing renewable gas outside the country's pipeline network, enabling its interiorization and greater accessibility. Another milestone was the authorization granted by the National Agency of Petroleum, Natural Gas, and Biofuels (ANP) to evaluate LPG in new applications. This allowed Ultragaz to test Brazil's first irrigation pump powered by LPG, which can help address decarbonization challenges in agriculture. Once again, the company was recognized at the Top Open Corps award as one of the organizations most engaged in open innovation with startups in Brazil&#8212;ranking second in the Oil &amp; Gas category.&nbsp;&nbsp; </font></font></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Ultracargo</font><font style="font-size: 10pt; line-height: inherit;"> continued to invest in incorporating cutting-edge technologies into its operations to further enhance safety and efficiency levels. A key innovation in 2024 was using robots for cleaning and inspecting water tanks in the fire-fighting system. This technology, used for the first time</font> <font style="font-size: 10pt; line-height: inherit;">at the </font><font style="font-size: 10pt; line-height: inherit;">Itaqui</font><font style="font-size: 10pt; line-height: inherit;"> terminal (MA), avoids draining the tank, preventing water waste, and eliminates the need for personnel to enter the tank, reducing exposure to hazardous activities. Other highlights included the development of solutions for coating equipment handling corrosive products, reducing operational risks. Drones were also deployed for inspecting tank top valves, increasing productivity while significantly minimizing the risk of working at heights. Additionally, Ultracargo developed PIVO (Integrated Sales and Operations Pipeline), a tool that establishes a fully digital and traceable process between customer demands and internal approval flows, streamlining customer service responses. In artificial intelligence, an assistant was created to facilitate supply database queries, yielding significant efficiency gains.</font></font></p>
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<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">The ESG 2030 Plan, a set of public goals related to the Group Ultra's seven material sustainability themes, is integrated into the Company's strategic planning. In 2024, Grupo Ultra's brand was relaunched, and </font><font style="font-size: 10pt; line-height: inherit;">Ultrapar's</font><font style="font-size: 10pt; line-height: inherit;"> strategy and organizational culture were revised&#8212;a process that revisited the organization's essence and history while reflecting on contemporary challenges to build </font><font style="font-size: 10pt; line-height: inherit;">Ultrapar's</font><font style="font-size: 10pt; line-height: inherit;"> future positioning for long-term value generation. </font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">S</font><font style="font-size: 10pt; line-height: inherit;">trengthen</font><font style="font-size: 10pt; line-height: inherit;">ing</font><font style="font-size: 10pt; line-height: inherit;"> governance in its ESG journey, the scope of the People Committee, which advises the Board of Directors, was expanded in 2024 and renamed the People and Sustainability Committee, incorporating oversight of the ESG 2030 Plan's progress.</font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company also began a double materiality process to assess the impacts of ESG themes, further integrating sustainability into its strategy. This methodology evaluates not only the impacts organizations have on stakeholders and the environment (impact materiality) but also how they are impacted by them (financial materiality). The results of this new materiality assessment are expected to bring adjustments to the ESG 2030 Plan, reflecting the current portfolio and the company's maturity on the subject.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">The sustainability journey of its businesses also continued to advance. At </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Ipiranga</font><font style="font-size: 10pt; line-height: inherit;">, 2024 saw the consolidation of the ESG Committee, where company leadership periodically monitors the progress of strategic sustainability projects. This growing maturity in ESG agenda management is also evident across the value chain, with expanded initiatives to support suppliers' and resellers' sustainability efforts. </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Ultragaz</font><font style="font-size: 10pt; line-height: inherit;"> focused on disseminating the ESG agenda and engaging the new teams from recently integrated companies (</font><font style="font-size: 10pt; line-height: inherit;">NEOG&#225;s</font><font style="font-size: 10pt; line-height: inherit;">, Ultragaz Energia </font><font style="font-size: 10pt; line-height: inherit;">Inteligente</font><font style="font-size: 10pt; line-height: inherit;">, and </font><font style="font-size: 10pt; line-height: inherit;">Witzler</font><font style="font-size: 10pt; line-height: inherit;">) and critical suppliers. At </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Ultracargo</font><font style="font-size: 10pt; line-height: inherit;">, these themes gained prominence in leadership performance evaluations and career progression processes, as well as in the selection of executives from the market.</font></font></p>
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<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #00458c;">2024 MANAGEMENT REPORT</font></td>
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<p style="margin: 10pt 0pt 6pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">It is worth noting that Ultrapar and its portfolio companies participate in various external initiatives that reinforce their commitment to sustainability, allowing them to share best practices and learnings with other equally engaged organizations. This includes the United Nations (UN) Global Compact&#8212;in addition to commitment to its ten principles linked to human and labor rights, the environment, and the fight against corruption, there is also alignment with the 17 Sustainable Development Goals (SDGs) of the UN 2030 Agenda. </font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Advances in the ESG 2030 Plan</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The ESG 2030 Plan's goals apply to Ultrapar, Ipiranga, Ultragaz, and Ultracargo. Ultrapar is responsible for consolidating and disclosing annual progress. In addition to being reported in the Ultrapar Management Report and Sustainability Report, the data is also available in the Financial Spreadsheets section of the Investor Relations website.&nbsp; </font></p>
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<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 12pt; line-height: inherit;">Material topics</font></p>






































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<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 12pt; line-height: inherit;">Ambition</font></p>






































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<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 12pt; line-height: inherit;">Goals</font></p>






































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<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 12pt; line-height: inherit;">2024 results</font></p>






































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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Energy transition</font></p>






































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<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Plan and implement strategies aimed at achieving the </font><font style="font-size: 10pt; line-height: inherit;">energy transition</font><font style="font-size: 10pt; line-height: inherit;"> to a low-carbon economy</font></font></p>






































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<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">1. Implement measures to reduce or mitigate greenhouse gases emissions in our operations, </font><font style="font-size: 10pt; line-height: inherit;">in order to</font><font style="font-size: 10pt; line-height: inherit;"> ensure carbon neutrality by 2025.</font></font></p>






































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<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total neutralized emissions from direct sources (scope 1): 37% (+8 p.p. versus 2023)</font><br><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Total neutralized emissions from indirect sources (scope 2):</font><font style="font-size: 10pt; line-height: inherit;"> 100% (no variation compared to 2023)</font></font></p>






































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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Eco-efficient operations</font></p>






































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<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Ensure excellence in the operations&#8217; environmental management, ensuring </font><font style="font-size: 10pt; line-height: inherit;">an efficient</font><font style="font-size: 10pt; line-height: inherit;"> energy and water consumption and improving the waste management</font></font></p>






































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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1. Keep using 100% renewable and certified electric energy</font></p>






































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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100% renewable and certified (no variation compared to 2023)</font></p>






































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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2. Zero leaks with a risk of contamination of soil and water</font></p>






































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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1 leak (+1 occurrence versus 2023). </font></p>






































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<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3. Zero-waste to landfill: no waste (hazardous or non-hazardous) to be sent to landfills, achieved through more sustainable solutions</font></p>






































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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6% sent to landfills (-33 p.p. versus 2023). </font></p>






































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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Inclusive culture and diversity</font></p>






































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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ensure an inclusive, diverse and equitable workplace environment, providing conditions for the full development of each employee&#8217;s potential and contribute to greater perspectives and experiences in the decision-making process</font></p>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1. Achieve a 33% level of gender and ethnic equality in the Board of Directors</font></p>






































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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">22% (no variation compared to 2023)</font></p>






































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<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2. Achieve a 50% level of gender and ethnic equality in senior management positions&#185;</font></p>






































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<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">42% level of gender and ethnic equity in senior management positions (no variation compared to 2023).</font></p>






































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<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3. Ensure an inclusive environment that can be measured and recognized in internal surveys</font></p>






































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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">82% favorability (-1 p.p. versus 2023).</font></p>






































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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Health and safety</font></p>






































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<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ensure a strong health and safety culture, with processes and performance indices at a high level of excellence, and a high quality of life for employees and safety for the communities surrounding our operations</font></p>






































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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1. Reduce by 50%&#178; lost-time injury frequency rate</font></p>






































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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">0.55 (-30% versus 2023 and -43% versus 2020 </font><font style="font-size: 10pt; line-height: inherit;">base</font><font style="font-size: 10pt; line-height: inherit;"> year).</font></font></p>






































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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2. Reduce by 70% the process accident frequency rate</font></p>






































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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1.14 (+46% versus 2023 and -26% versus 2020 base year).</font></p>






































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<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3. Ensure that our employees are taken care of in health and life quality programs</font></p>






































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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">55%</font></p>






































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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Responsibility for the surrounding communities</font></p>






































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<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Act responsibly regarding the communities surrounding our operations, generating opportunities for local development</font></p>






































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<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">1. Invest in initiatives and promote positive impacts on education and employment and income generation in the surrounding communities, through collective actions</font><font style="font-size: 6.67pt; vertical-align: super; line-height: inherit;">4</font></font></p>






































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<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">R$ </font><font style="font-size: 10pt; line-height: inherit;">8</font><font style="font-size: 10pt; line-height: inherit;">.</font><font style="font-size: 10pt; line-height: inherit;">2</font><font style="font-size: 10pt; line-height: inherit;"> million in own resources invested, versus R$ </font><font style="font-size: 10pt; line-height: inherit;">7.8</font><font style="font-size: 10pt; line-height: inherit;"> million in 2023. </font></font></p>






































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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Value chain</font></p>






































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<p style="margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Influence, encourage and monitor the adoption of best ESG practices in all businesses&#8217; value chains</font></p>






































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<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1. Ensure that 100% of critical suppliers adopt excellent ESG practices</font></p>






































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<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100% of critical suppliers with ESG contractual clauses. </font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">94</font><font style="font-size: 10pt; line-height: inherit;">%</font><font style="font-size: 10pt; line-height: inherit;"> of critical suppliers adopt responsible supply policies</font></font><br><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">55% of critical suppliers evaluated in ESG practices</font></p>






































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<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2. Ensure that 100% of selected resellers adopt ESG practices or commitments</font></p>






































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<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">100% of resellers </font><font style="font-size: 10pt; line-height: inherit;">informed</font><font style="font-size: 10pt; line-height: inherit;"> about ESG practices and commitments.</font></font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100% of resellers with access to training on ESG practices</font></p>






































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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Governance and integrity</font></p>






































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<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">To be a protagonist in promoting governance and integrity, influencing the business environment through the adoption of best practices in governance and ethical conduct</font></p>






































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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">1. Ensure a business culture with the highest level of integrity</font><font style="font-size: 6.67pt; vertical-align: super; line-height: inherit;">5</font></font></p>






































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<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">The 2023 diagnosis kept the Company at the </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Proactive</font><font style="font-size: 10pt; line-height: inherit;"> level, the second highest. In 2024, action plans were implemented to address the improvement points identified in the diagnosis, and evaluations conducted internally with all senior management positions revealed progress on integrity culture topics. In 2026, a new survey will measure the evolution of integrity topics.</font></font></p>






































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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2. Ensure good practices of corporate governance</font></p>






































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<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Grade A in MSCI (d</font><font style="font-size: 10pt; line-height: inherit;">ecrease</font><font style="font-size: 10pt; line-height: inherit;"> compared to 2023) and Grade 86 in the Corporate Governance Dimension of ISE B3 (+3 points compared to 2023).</font></font></p>






































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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 7pt; line-height: inherit;">1. </font><font style="font-size: 7pt; line-height: inherit;">Considers management positions and above.</font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 7pt; line-height: inherit;">2. </font><font style="font-size: 7pt; line-height: inherit;">Reduction of the lost-time injury frequency (LTIF) from 0.96 in 2020 to 0.50 in 2030.</font> <font style="font-size: 7pt; line-height: inherit;">LTIF: number of lost-time injuries x 1,000,000/working hours.</font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 7pt; line-height: inherit;">3. </font><font style="font-size: 7pt; line-height: inherit;">Reduction of process safety event (PSE) frequency from 1.55 in 2020 to 0.50 in 2030.</font> <font style="font-size: 7pt; line-height: inherit;">PSE: number of occurrences x 1,000,000/working hours.</font> </font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 7pt; line-height: inherit;">4. </font><font style="font-size: 7pt; line-height: inherit;">Differently from previously disclosed, this considers only own resources</font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 7pt; line-height: inherit;">5. </font><font style="font-size: 7pt; line-height: inherit;">Hearts &amp; Minds Matrix.</font></font></p>
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<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #00458c;">2024 MANAGEMENT REPORT</font></td>
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<p style="margin: 10pt 0pt 6pt; break-inside: avoid; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Sustainability ratings and indexes</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">For many years, Ultrapar has participated in various national and international sustainability ratings and indexes, which classify organizations according to ESG criteria.</font> <font style="font-size: 10pt; line-height: inherit;">The participation</font><font style="font-size: 10pt; line-height: inherit;"> in these ratings and indexes is an external recognition of the Company and proves the accuracy of decisions and initiatives taken over the years.</font> <font style="font-size: 10pt; line-height: inherit;">The detailed evaluation of indicators and metrics also contributes to identifying opportunities for improvement.</font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultrapar integrates the following ratings:</font></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 6pt 9.6pt; orphans: 0; padding-left: 8.25pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">IGPTW B3 (Great Place to Work Index): </font><font style="font-size: 10pt; line-height: inherit;">Presence since 2023.</font> <font style="font-size: 10pt; line-height: inherit;">The index, created in 2023, includes organizations recognized with the Great Place to Work certification.</font> </font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 6pt 9.6pt; orphans: 0; padding-left: 8.25pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">MSCI (Morgan Stanley Capital International)</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">: </font> <font style="font-size: 10pt; line-height: inherit;">Grade</font><font style="font-size: 10pt; line-height: inherit;"> A in 2024.</font> </font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 6pt 9.6pt; orphans: 0; padding-left: 8.25pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">FTSE4Good</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">:</font><font style="font-size: 10pt; line-height: inherit;">&nbsp; </font><font style="font-size: 10pt; line-height: inherit;">Average</font><font style="font-size: 10pt; line-height: inherit;"> score of 3.1 in 2024.&nbsp;</font><font style="font-size: 10pt; line-height: inherit;">The scale varies from 0 to 5 for each factor considered: environmental, social and governance,</font> <font style="font-size: 10pt; line-height: inherit;">and Ultrapar is present in the FTSE4Good Emerging Index and FTSE4Good Emerging Latin America Index.</font></font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 6pt 9.6pt; orphans: 0; padding-left: 8.25pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">CDP (Carbon Disclosure Project):</font><font style="font-size: 10pt; line-height: inherit;"> Participation since 2008 and </font><font style="font-size: 10pt; line-height: inherit;">score </font><font style="font-size: 10pt; line-height: inherit;">C</font><font style="font-size: 10pt; line-height: inherit;"> in the 2024 climate change questionnaire.</font> </font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 6pt 9.6pt; orphans: 0; padding-left: 8.25pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">ISE B3 (Corporate Sustainability Index):</font><font style="font-size: 10pt; line-height: inherit;"> One of the companies listed in the 19th portfolio of the index, which came into effect in January 2024.</font> <font style="font-size: 10pt; line-height: inherit;">The next portfolio will be announced in April 2025.</font></font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 6pt 9.6pt; orphans: 0; padding-left: 8.25pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">IGC (Differentiated Corporate Governance Index) and ITAG (Differentiated Tag Along Index):</font><font style="font-size: 10pt; line-height: inherit;"> Presence in the B3 portfolios since 2011.</font></font></li>






































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<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Below are the main projects and initiatives of the year that enabled the results and progress in each of the sustainability material topics.</font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Environmental dimension </font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Energy transition</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Actions in the energy transition agenda are carried out across three fronts: (</font><font style="font-size: 10pt; line-height: inherit;">i</font><font style="font-size: 10pt; line-height: inherit;">) Performance, focusing on reducing greenhouse gas (GHG) emissions and neutralizing those emissions that cannot be avoided, in line with the ESG 2030 Plan; (ii) Product, which concentrates the initiatives to develop and incorporate products and services with a lower carbon footprint into the portfolio; and (iii) Portfolio, through which the Company evaluates opportunities to operate in renewable energy sources, leveraging its network, expertise, and the strength of the brands in its portfolio.</font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">In the Performance front, companies continued working to identify and implement technologies and initiatives that minimize direct emissions (scope 1), such as Ultragaz, which ended 2024 with approximately 98% of its light vehicle fleet running on ethanol. Another important milestone came from ICONIC, which met its target of reducing direct (scope 1) and indirect emissions related to electricity acquisition (scope 2) by 43% six years ahead of schedule. One of the initiatives enabling this result was the start of biomethane (renewable gas) supply by </font><font style="font-size: 10pt; line-height: inherit;">NEOG&#225;s</font><font style="font-size: 10pt; line-height: inherit;"> to fuel boilers at its Duque de Caxias (RJ) plant. Ultrapar coordinated the acquisition of carbon credits for 2025, 2026, and 2027, enabling the holding company, Ipiranga, Ultragaz and Ultracargo to also offset their scope 1 emissions. Scope 2 emissions have been neutralized since 2021. It is noteworthy that Ipiranga has been offsetting GHG emissions from scopes 1 and 2 since 2014 and therefore, in 2024, celebrated a decade as a carbon-neutral company. Another highlight in this area was the recognition from the Brazilian GHG Protocol Program: Ipiranga, Ultragaz, and Ultracargo received the Gold Seal after presenting complete inventories (scopes 1, 2, and 3) verified by a third party.</font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">On the Product front, </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Ipiranga</font><font style="font-size: 10pt; line-height: inherit;"> remains one of Brazil's leading biofuel distributors. In 2024, it intensified marketing strategies to scale up the sale of the premium </font><font style="font-size: 10pt; line-height: inherit;">Ipimax</font><font style="font-size: 10pt; line-height: inherit;"> line, launched in 2023. This line, consisting of additive diesel, gasoline, and ethanol, offers up to 5% higher performance than traditional fuels, thereby reducing GHG emissions from vehicles that use it. For the B2B market, Ipiranga offers </font><font style="font-size: 10pt; line-height: inherit;">Ipimax</font><font style="font-size: 10pt; line-height: inherit;"> Diesel R5, which, in addition to the mandatory biodiesel blend and </font><font style="font-size: 10pt; line-height: inherit;">Ipimax</font><font style="font-size: 10pt; line-height: inherit;"> additive, contains 5% fuel produced through the co-processing of vegetable oils and residual fats. Introduced in 2023, </font><font style="font-size: 10pt; line-height: inherit;">Ipimax</font><font style="font-size: 10pt; line-height: inherit;"> Diesel R5 began to gain traction in 2024 with new contracts signed with customers in S&#227;o Paulo state. </font><font style="font-size: 10pt; line-height: inherit;">Another highlight of the year was the partnership with a specialized and duly certified company for acquiring carbon credits for business customers, simplifying the emission offsetting process and strengthening </font><font style="font-size: 10pt; line-height: inherit;">Ipiranga&#8217;s</font><font style="font-size: 10pt; line-height: inherit;"> value proposition for these customers.</font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">On the Portfolio front, </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Ultragaz</font><font style="font-size: 10pt; line-height: inherit;"> continued consolidating its position as an energy solutions company supporting its customers&#8217; decarbonization journeys through LPG. In 2024, Ultragaz acquired a stake in </font><font style="font-size: 10pt; line-height: inherit;">Witzler</font><font style="font-size: 10pt; line-height: inherit;">, a company that trades renewable </font><font style="font-size: 10pt; line-height: inherit;">electric</font><font style="font-size: 10pt; line-height: inherit;"> energy in the free market for high-voltage customers. Meanwhile, Ultragaz Energia </font><font style="font-size: 10pt; line-height: inherit;">Inteligente</font><font style="font-size: 10pt; line-height: inherit;">, which </font><font style="font-size: 10pt; line-height: inherit;">provides renewable energy to households and small businesses (low voltage), reached 140 MWp of contracted energy. The number of new contracts signed for customers using biomethane increased by 200% compared to the previous year. This performance reflects growing demand for low-carbon solutions and reaffirms </font><font style="font-size: 10pt; line-height: inherit;">the Grupo</font><font style="font-size: 10pt; line-height: inherit;"> Ultra&#8217;s leadership in the energy transition, aligned with its ESG commitments. Additionally, Ultragaz became a pioneer in supplying </font><font style="font-size: 10pt; line-height: inherit;">BioLPG</font><font style="font-size: 10pt; line-height: inherit;">, produced from soybean oil and featuring a lower carbon footprint. </font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Another significant development </font><font style="font-size: 10pt; line-height: inherit;">in</font><font style="font-size: 10pt; line-height: inherit;"> the Portfolio front was the acquisition in 2024 of a significant stake in </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Hidrovias do </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Brasil</font><font style="font-size: 10pt; line-height: inherit;">, a logistics company focused on the hydro modal, which is substantially less polluting than rail or road transport. This company operates in sectors closely tied to Brazil's agribusiness. The interiorization strategy initiated by </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Ultracargo</font><font style="font-size: 10pt; line-height: inherit;"> in 2023 also brings the company closer to agribusiness and will allow it to increase the share of biofuels, especially corn ethanol, in its revenue. Approximately R$ 500 million was invested in 2024 for constructing a new terminal in </font><font style="font-size: 10pt; line-height: inherit;">Palmeirante</font><font style="font-size: 10pt; line-height: inherit;"> (TO), expanding capacity at terminals in </font><font style="font-size: 10pt; line-height: inherit;">Rondon&#243;polis</font><font style="font-size: 10pt; line-height: inherit;"> (MT), Santos (SP), and </font><font style="font-size: 10pt; line-height: inherit;">Itaqui</font><font style="font-size: 10pt; line-height: inherit;"> (MA), and building rail deviations to enable the Santos (SP) &#8211; </font><font style="font-size: 10pt; line-height: inherit;">Paul&#237;nia</font><font style="font-size: 10pt; line-height: inherit;"> (SP) &#8211; </font><font style="font-size: 10pt; line-height: inherit;">Rondon&#243;polis</font><font style="font-size: 10pt; line-height: inherit;"> (MT) logistics corridor. </font></font></p>
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<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Eco-efficient operations</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ipiranga, Ultragaz and Ultracargo are committed to adopting best practices to minimize environmental impacts. </font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">One of the ESG 2030 Plan's goals is to use 100% renewable and certified electric energy, a commitment fulfilled once again in 2024 through the acquisition of energy from the free market with traceability certificates and international energy certificates (I-RECs). This practice also enables the Company to neutralize indirect GHG emissions linked to electric energy acquisition (scope 2). </font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Another commitment of Ultrapar and its three main businesses is to eliminate the disposal of hazardous and non-hazardous waste in landfills by 2030. The companies continued implementing initiatives to reduce waste generation, improve waste segregation, raise employee awareness, qualify suppliers, and increase the volume of waste sent for recycling and other recovery methods. Since 2023, </font><font style="font-size: 10pt; line-height: inherit;">Ultrapar&#8217;s</font><font style="font-size: 10pt; line-height: inherit;"> headquarters in S&#227;o Paulo (SP) has been zero landfill. Ipiranga reduced the total waste sent to landfills to 10% (18% in 2023) thanks to various initiatives implemented as part of the Waste Master Plan launched in 2023. Some fuel distribution bases, such as Passo Fundo (RS) and </font><font style="font-size: 10pt; line-height: inherit;">Macei&#243;</font><font style="font-size: 10pt; line-height: inherit;"> (AL), achieved the most significant progress. At the Passo Fundo base, waste sent to landfills dropped from 49% in 2023 to just 1.54% in 2024; in </font><font style="font-size: 10pt; line-height: inherit;">Macei&#243;</font><font style="font-size: 10pt; line-height: inherit;">, waste sent to landfills accounted for 33% of the total in 2024, compared to 54% the previous year. Ultragaz ended the year with 17 zero-landfill bases, three more than in 2023, reducing the total waste sent to landfills from 8% in 2023 to 5% in 2024. The company also worked to standardize practices across </font><font style="font-size: 10pt; line-height: inherit;">NEOG&#225;s</font><font style="font-size: 10pt; line-height: inherit;"> units.&nbsp; In 2024, three more Ultracargo terminals eliminated landfill waste: Santos (SP), </font><font style="font-size: 10pt; line-height: inherit;">Aratu</font><font style="font-size: 10pt; line-height: inherit;"> (BA), and Rio de Janeiro (RJ). For 2025, the focus will be the </font><font style="font-size: 10pt; line-height: inherit;">Itaqui</font><font style="font-size: 10pt; line-height: inherit;"> (MA) terminal, where the company plans to establish partnerships with local recycling cooperatives. </font></font></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">The third ESG 2030 Plan commitment relates to leaks with risks of soil and water contamination. Ipiranga, Ultragaz and Ultracargo have protection systems to prevent leaks and structured processes for containment and damage reduction should they occur. </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Ultracargo </font><font style="font-size: 10pt; line-height: inherit;">recorded a low-volume leak at the Santos terminal in 2024, with no impact on water bodies. All necessary measures were taken, including immediate notification to relevant environmental authorities,</font><font style="font-size: 10pt; line-height: inherit;"> and no fines were imposed.</font></font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Social dimension</font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Inclusive culture and diversity</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultrapar and its three main businesses continued diversity and inclusion actions to meet the ESG 2030 Plan targets. </font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Diversity is a key topic in </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Ultrapar</font><font style="font-size: 10pt; line-height: inherit;">&#8217;s</font><font style="font-size: 10pt; line-height: inherit;"> onboarding training, which all new hires must complete. All professionals also undergo diversity and inclusion training as part of the Leadership Development Program (LDP). Awareness efforts span the entire year, with content shared on the internal social network. In March, during Women's Month, actions were held at the S&#227;o Paulo and Campinas (SP) offices, including a lecture by a guest expert. Additionally, in 2024, daycare allowance was extended to fathers with children up to 2 years old, previously limited to mothers with children up to 1 year old. </font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">At Ipiranga, initiatives within the Diversity Program stood out, such as Ipiranga Talent, an internship program reserving 50% of positions for Black individuals. In the 2024 edition, 55% of selected interns identified as Black or Brown. For people with disabilities (</font><font style="font-size: 10pt; line-height: inherit;">PwD</font><font style="font-size: 10pt; line-height: inherit;">), Ipiranga concluded </font><font style="font-size: 10pt; line-height: inherit;">Inclus&#227;o</font><font style="font-size: 10pt; line-height: inherit;"> Tech, a program that trained 300 </font><font style="font-size: 10pt; line-height: inherit;">PwD</font><font style="font-size: 10pt; line-height: inherit;"> individuals, </font><font style="font-size: 10pt; line-height: inherit;">of whom </font><font style="font-size: 10pt; line-height: inherit;">25 were hired. These new employees continued their development through various technology training sessions and mentorships for career acceleration.</font> <font style="font-size: 10pt; line-height: inherit;">The DE&amp;I agenda continued to be frequently addressed through lectures, workshops, </font><font style="font-size: 10pt; line-height: inherit;">educational booklets, and communication channels. Additionally, managers and coordinators participated in awareness initiatives, including a workshop on inclusive leadership. </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Ultragaz</font><font style="font-size: 10pt; line-height: inherit;"> also has a Diversity, Equity, Inclusion, and Accessibility Program through which it develops literacy actions for its employees on topics such as gender, race, people with disabilities, and LGBTQI+ individuals. In 2024, a project began to improve accessibility in restrooms and dressing rooms at its facilities and offices. One of the year&#8217;s awareness and literacy actions was the release of the 'Diversity Booklet.'</font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">In addition to its commitment to the 2030 ESG Plan, which focuses on leadership positions, </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Ultracargo</font><font style="font-size: 10pt; line-height: inherit;"> has been working since 2020 to increase the number of women in operations. The goal is to have 30% female representation in operational roles, and in 2024, this figure reached 16%. During the year, the company held another edition of its Operational Training Program, offering professional training to residents near its terminals interested in working in the liquid bulk storage sector. The 2024 edition took place in </font><font style="font-size: 10pt; line-height: inherit;">Palmeirante</font><font style="font-size: 10pt; line-height: inherit;"> (TO), where Ultracargo is building a new terminal, with 50% of the course spots reserved for women. The company also launched its first affinity group, focused on gender, with representation across all terminals and headquarters. In addition to fostering personal and professional development, the group&#8217;s meetings, always attended by a leadership member, help map actions to retain women.</font></font></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Some social projects supported through incentivized resources, managed by the Ultra Institute, also indirectly address the diversity topic. In 2024, one selected project promoted volleyball among children and teenagers&nbsp;in Canoas (RS), including classes for girls and people with disabilities (PWDs). Another initiative supported was "Football for Equality," offering football classes for girls in Fortaleza (CE). Ultragaz also sponsored the Brazil Ladies Cup tournament, promoting professional women's football and strengthening women's presence in the world's most popular sport. </font></p>
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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: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #00458c;">2024 MANAGEMENT REPORT</font></td>
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<p style="margin: 0pt 0pt 6pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="color: #ffffff; font-weight: bold; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #ffffff; font-weight: bold; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-size: 10pt;">&nbsp; </font></font><font style="color: #ffffff; font-weight: bold; line-height: inherit; font-size: 10pt;">Number of employees</font></font></p>






































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<p style="margin: 0pt 0pt 6pt;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>






































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<p style="margin: 0pt 0pt 6pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">2024</font></p>






































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<p style="margin: 0pt 0pt 6pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="color: #ffffff; font-weight: bold; line-height: inherit;">2023</font><font style="color: #ffffff; font-weight: bold; vertical-align: super; line-height: inherit;">1</font></font></p>






































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<p style="margin: 0pt 0pt 6pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="color: #ffffff; font-weight: bold; line-height: inherit;">Chg.</font><font style="color: #ffffff; font-weight: bold; line-height: inherit;"> %</font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">2024 x 2023</font></p>






































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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 29.326%; height: 10px; border: 1pt solid #000000;">
<p style="margin: 0pt 0pt 6pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ipiranga</font></p>






































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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 23.3151%; height: 10px; border: 1pt solid #000000;">
<p style="margin: 0pt 0pt 6pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,512</font></p>






































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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 23.3151%; height: 10px; border: 1pt solid #000000;">
<p style="margin: 0pt 0pt 6pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,058</font></p>






































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 23.6794%; height: 10px; border: 1pt solid #000000;">
<p style="margin: 0pt 0pt 6pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">-</font><font style="font-size: 10pt; line-height: inherit;">11</font><font style="font-size: 10pt; line-height: inherit;">%</font></font></p>






































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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 29.326%; height: 10px; border: 1pt solid #000000;">
<p style="margin: 0pt 0pt 6pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultragaz</font></p>






































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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 23.3151%; height: 10px; border: 1pt solid #000000;">
<p style="margin: 0pt 0pt 6pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">3</font><font style="font-size: 10pt; line-height: inherit;">,711</font></font></p>






































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 23.3151%; height: 10px; border: 1pt solid #000000;">
<p style="margin: 0pt 0pt 6pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">3</font><font style="font-size: 10pt; line-height: inherit;">,556</font></font></p>






































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<p style="margin: 0pt 0pt 6pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">+</font><font style="font-size: 10pt; line-height: inherit;">4</font><font style="font-size: 10pt; line-height: inherit;">%</font></font></p>






































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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 29.326%; height: 23px; border: 1pt solid #000000;">
<p style="margin: 0pt 0pt 6pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultracargo</font></p>






































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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 23.3151%; height: 23px; border: 1pt solid #000000;">
<p style="margin: 0pt 0pt 6pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">8</font><font style="font-size: 10pt; line-height: inherit;">4</font><font style="font-size: 10pt; line-height: inherit;">3</font></font></p>






































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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 23.3151%; height: 23px; border: 1pt solid #000000;">
<p style="margin: 0pt 0pt 6pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">8</font><font style="font-size: 10pt; line-height: inherit;">56</font></font></p>






































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<p style="margin: 0pt 0pt 6pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-2%</font></p>






































</td>






































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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 29.326%; height: 10px; border: 1pt solid #000000;">
<p style="margin: 0pt 0pt 6pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Ultrapar</font><font style="font-size: 10pt; line-height: inherit;"> (Holding)</font></font></p>






































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 23.3151%; height: 10px; border: 1pt solid #000000;">
<p style="margin: 0pt 0pt 6pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">149</font></p>






































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 23.3151%; height: 10px; border: 1pt solid #000000;">
<p style="margin: 0pt 0pt 6pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">175</font></p>






































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 23.6794%; height: 10px; border: 1pt solid #000000;">
<p style="margin: 0pt 0pt 6pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">-</font><font style="font-size: 10pt; line-height: inherit;">15</font><font style="font-size: 10pt; line-height: inherit;">%</font></font></p>






































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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 29.326%; height: 23px; border: 1pt solid #000000;">
<p style="margin: 0pt 0pt 6pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Others</font></p>






































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 23.3151%; height: 23px; border: 1pt solid #000000;">
<p style="margin: 0pt 0pt 6pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="color: #ffffff; font-size: 10pt; font-weight: bold; line-height: inherit;">33</font><font style="font-size: 10pt; line-height: inherit;">343</font><font style="color: #ffffff; font-size: 10pt; font-weight: bold; line-height: inherit;">43</font></font></p>






































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 23.3151%; height: 23px; border: 1pt solid #000000;">
<p style="margin: 0pt 0pt 6pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">364</font></p>






































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 23.6794%; height: 23px; border: 1pt solid #000000;">
<p style="margin: 0pt 0pt 6pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="color: #ffffff; font-size: 10pt; font-weight: bold; line-height: inherit;">-66</font><font style="font-size: 10pt; line-height: inherit;">-</font><font style="font-size: 10pt; line-height: inherit;">6</font><font style="font-size: 10pt; line-height: inherit;">%</font><font style="color: #ffffff; font-size: 10pt; font-weight: bold; line-height: inherit;">%</font></font></p>






































</td>






































</tr>
<tr style="height: 23px;">
<td style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 29.326%; height: 23px; border: 1pt solid #000000;">
<p style="margin: 0pt 0pt 6pt;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>






































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<p style="margin: 0pt 0pt 6pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="color: #ffffff; font-size: 10pt; font-weight: bold; line-height: inherit;">9</font><font style="color: #ffffff; font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #ffffff; font-size: 10pt; font-weight: bold; line-height: inherit;">558</font></font></p>






































</td>
<td style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 23.3151%; height: 23px; border: 1pt solid #000000;">
<p style="margin: 0pt 0pt 6pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="color: #ffffff; font-size: 10pt; font-weight: bold; line-height: inherit;">10</font><font style="color: #ffffff; font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #ffffff; font-size: 10pt; font-weight: bold; line-height: inherit;">009</font></font></p>






































</td>
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<p style="margin: 0pt 0pt 6pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">-5%</font></p>






































</td>






































</tr>













































































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<td style="width: 45%; height: 10px;"><font style="font-size: 7pt;"><font style="text-align: justify; vertical-align: super; line-height: inherit;">1</font><font style="text-align: justify; line-height: inherit;">&nbsp;2023 headcount revised to reflect new criteria (includes only active employees and employees on leave for up to 12 months)</font><font style="text-align: justify; line-height: inherit;">. Additionally, the number&nbsp;</font><font style="text-align: justify; line-height: inherit;">of&nbsp; Ipiranga</font><font style="text-align: justify;">&nbsp;</font><font style="text-align: justify; line-height: inherit;">was</font><font style="text-align: justify; line-height: inherit;">&nbsp;adjusted, incorporating Millenium, Serra Diesel, and KMV (formerly&nbsp;</font><font style="text-align: justify; line-height: inherit;">Abastece</font><font style="text-align: justify;">&nbsp;</font><font style="text-align: justify; line-height: inherit;">A&#237;</font><font style="text-align: justify; line-height: inherit;">)&nbsp;</font><font style="text-align: justify; line-height: inherit;">consolidated in</font><font style="text-align: justify; line-height: inherit;">&nbsp;Ultrapar&nbsp;</font><font style="text-align: justify; line-height: inherit;">Mobili</font><font style="text-align: justify; line-height: inherit;">dade</font><font style="text-align: justify; line-height: inherit;">.</font></font></td>
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<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Health and safety</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Ensuring the health and safety of people is an absolute priority for Ultrapar and its portfolio companies. The 2030 ESG Plan aims to reduce work-related and process-related accidents. </font><font style="font-size: 10pt; line-height: inherit;">In the consolidated results of Ultrapar and its three main businesses, the lost-time accident rate was 0.55 in 2024, compared to 0.78 the previous year, while the process accident rate reached 1.14, up from 0.73 in 2023.</font> <font style="font-size: 10pt; line-height: inherit;">Providing health and quality of life programs to employees is another goal of the 2030 ESG Plan.</font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The topic's importance is evident in the governance and management model established. The highest level is the Safety Committee, which reports indicators in every Ultrapar Board of Directors meeting, detailing the most severe cases. There are also Safety Committees for companies and their operational units. Ultrapar maintains a Health Committee to address specific issues at its S&#227;o Paulo (SP) headquarters.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Health and safety management systems in place comply with relevant regulations and are based on international standards, such as ISO 45001 for occupational health and safety, and the Hearts &amp; Minds behavioral methodology. These systems include hazard and risk identification processes, implementation of control measures, continuous </font><font style="font-size: 10pt; line-height: inherit;">monitoring of relevant indicators (accidents, occupational illnesses, leaves, etc.), investigation of all incidents and accidents, reporting channels for deviations, and ongoing training and awareness actions.</font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In 2024, the second Health, Safety, and Environment (HSE) Meeting for the Ultra Group was held, led by the Ultrapar CEO and business Presidents, with around 120 leaders present and a live broadcast to all employees. The event reinforced the active role that leaders and employees should have regarding health, safety, and environmental protection and encouraged the exchange of best practices and lessons learned among participants.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultrapar has specialists to manage the topic and periodically conducts emergency and evacuation drills in its offices in S&#227;o Paulo (SP) and Campinas (SP), as well as safety and ergonomics inspections during the Health, Safety, and Sustainability Week, among other actions. In terms of health, it offers mental health and maternity support programs, organizes awareness campaigns on key dates, and interventions to promote a culture of self-care and prevention. </font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">At&nbsp;</font><font style="font-size: 10pt; line-height: inherit; font-weight: bold;">Ipiranga</font><font style="font-size: 10pt; line-height: inherit;">, serious road accidents during fuel transportation decreased by 50% compared to 2023, thanks to cameras, telemetry systems, and other technologies installed in the fleet, as well as the engagement of partner transport companies in a program maintained by the company.</font><font style="font-size: 10pt; line-height: inherit;"> For resellers, the company introduced a weekly newsletter on safety topics. The proactive reporting of deviations</font><font style="font-size: 10pt; line-height: inherit;"> -</font><font style="font-size: 10pt; line-height: inherit;">a highly encouraged practice at Ipiranga</font><font style="font-size: 10pt; line-height: inherit;"> -</font><font style="font-size: 10pt; line-height: inherit;">and the expansion of the scope monitored by the company increased the rates of leave-related and process-related accidents in 2024. </font><font style="font-size: 10pt; line-height: inherit;">However, it is worth noting that the severity rate of leave-related accidents dropped by 20%.</font><font style="font-size: 10pt; line-height: inherit;"> In health, Ipiranga launched a program dedicated to pregnant women and enhanced its psychological support actions, now unified under a single mental health program. </font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Ultragaz</font><font style="font-size: 10pt; line-height: inherit;"> recorded a 45% reduction in leave-related accidents compared to the previous year. These results stem from initiatives implemented to establish a robust safety culture, where individuals practice safe behaviors not out of obligation but conviction. In addition to ongoing training for employees and service providers, in recent years, the company has also invested in onboard technology for its fleet, a control tower to monitor movements, and improvements in contractor management processes.</font></font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Ultracargo</font><font style="font-size: 10pt; line-height: inherit;"> continues to make significant investments to enhance management, implement new protective technologies, and strengthen the safety culture among its teams, with positive impacts on operational productivity and efficiency. The leave-related accident rate decreased by 24% compared to 2023. In 2024, the company organized its first Safety Pause, halting operations simultaneously across all terminals and inviting teams to participate in lectures, discussions, and activities on health and safety. At each terminal, a senior leader led the activities. </font><font style="font-size: 10pt; line-height: inherit;">The company also became the first in the logistics sector in Brazil to establish a partnership with the Department of Mining and Petroleum Engineering at the Polytechnic School of the University of S&#227;o Paulo (USP) to train over 400 leaders and employees in operational risk management over three years.</font></font></p>
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<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Responsibility for the surrounding communities </font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">In addition to managing and fostering relationships with communities near the Group&#8217;s business operations, the Company strives to collaborate with the socioeconomic development of surrounding communities and the sustainable growth of the country. </font><font style="font-size: 10pt; line-height: inherit;">Two major social causes have been established: education and income generation</font><font style="font-size: 10pt; line-height: inherit;">.</font></font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">In education, efforts are coordinated by the Ultra Institute, with the support of the businesses, and divided into three main areas. The Institute focuses on improving management to enhance educational indicators, offering specialized advisory services and training to professionals from education departments and participating schools. The first municipality selected for this initiative was Santos, with the commitment to </font><font style="font-size: 10pt; line-height: inherit;">improve</font><font style="font-size: 10pt; line-height: inherit;"> learning indicators and the IDEB over five years. The program has already trained approximately 700 professionals, including technical teams, principals, pedagogical coordinators, and mathematics and Portuguese language teachers from 35 municipal and state schools.</font></font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">The Ultra Institute also directly addresses learning recovery for students in the final years (6th to 9th grade). In 2024, in partnership with the Municipal Education Department of </font><font style="font-size: 10pt; line-height: inherit;">Barcarena</font><font style="font-size: 10pt; line-height: inherit;"> (PA) and </font><font style="font-size: 10pt; line-height: inherit;">Alicerce</font> <font style="font-size: 10pt; line-height: inherit;">Educa&#231;&#227;o</font><font style="font-size: 10pt; line-height: inherit;">, it invested in a pilot initiative for 300 students who received supplementary lessons during school off-hours.&nbsp; Providing stipends, meals, and transportation, the project helped students recover about three school terms in math and Portuguese&#8212;equivalent to almost a full academic year. Additionally, the second unit of the M&#227;o Amiga College, a philanthropic school of excellence located in </font><font style="font-size: 10pt; line-height: inherit;">Itapecerica</font><font style="font-size: 10pt; line-height: inherit;"> da Serra (SP),</font> <font style="font-size: 10pt; line-height: inherit;">will be established in Santos</font> <font style="font-size: 10pt; line-height: inherit;">with&nbsp;</font><font style="font-size: 10pt; line-height: inherit;">the</font><font style="font-size: 10pt; line-height: inherit;"> construction start</font><font style="font-size: 10pt; line-height: inherit;">ing</font> <font style="font-size: 10pt; line-height: inherit;">in </font><font style="font-size: 10pt; line-height: inherit;">2025</font><font style="font-size: 10pt; line-height: inherit;">.</font><font style="font-size: 10pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Income generation projects are directly managed by </font><font style="font-size: 10pt; line-height: inherit;">the businesses</font><font style="font-size: 10pt; line-height: inherit;">, with support from the Ultra Institute. One initiative by Ipiranga in this area is the "Bora pro Posto" platform, launched in 2024, which provides free courses for anyone interested in working in the sector. It also allows users to upload their resumes to an exclusive talent bank&#8212;over 3,000 resumes have already been registered. Connecting diversity, equity, and inclusion efforts with its social responsibility strategy, the second edition of the "</font><font style="font-size: 10pt; line-height: inherit;">Opera&#231;&#227;o</font><font style="font-size: 10pt; line-height: inherit;"> Mulher </font><font style="font-size: 10pt; line-height: inherit;">Motorista</font><font style="font-size: 10pt; line-height: inherit;">" program trained women near company bases to work in the fuel transportation sector, offering 16 spots in 2024.&nbsp; At </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Ultragaz</font><font style="font-size: 10pt; line-height: inherit;">, one initiative was the "Ultragaz </font><font style="font-size: 10pt; line-height: inherit;">Empreende</font><font style="font-size: 10pt; line-height: inherit;">" program, which trained 18 entrepreneurs in 2024. After completing the course, participants' business profitability increased by an average of 35%. Meanwhile, </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Ultracargo</font><font style="font-size: 10pt; line-height: inherit;"> conducted another round of its Operational Training Program, which trains residents near its terminals to work in the bulk liquid storage segment. This time, the program was held in </font><font style="font-size: 10pt; line-height: inherit;">Palmeirante</font><font style="font-size: 10pt; line-height: inherit;"> (TO), where the company is building a new terminal. </font></font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Another impactful program is "</font><font style="font-size: 10pt; line-height: inherit;">Sa&#250;de</font> <font style="font-size: 10pt; line-height: inherit;">na</font><font style="font-size: 10pt; line-height: inherit;"> Estrada," carried out by Ipiranga, which provides basic health services and guidance to truck drivers, travelers on Brazilian highways, and communities near Rodo Rede stations where the events are held. In 2024, more than 48,000 people were served in 95 cities across 14 states. </font></font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">The company also responds to emergencies. In 2024, Ultra Institute, Ultrapar, and its portfolio companies mobilized to support Rio Grande do Sul after heavy rains hit the state between April and May. Food staples baskets, water, hygiene and cleaning kits, blankets, clothes, LPG, fuels, and lubricants were distributed to municipalities such as Canoas, Caxias do Sul, Passo Fundo, and Santa Maria. Ipiranga and Ultragaz, which have operational bases, fuel stations, and LPG resellers in the state, also provided support to employees, resellers, and the employees of the resellers affected. </font><font style="font-size: 10pt; line-height: inherit;">Subsequently, the Ultra Institute partnered with B3 Social to launch the "Segunda </font><font style="font-size: 10pt; line-height: inherit;">Chamada</font><font style="font-size: 10pt; line-height: inherit;">" campaign, raising R$ 3 million in total to rebuild kitchens in 39 schools in Canoas and enable the resumption of classes.</font><font style="font-size: 10pt; line-height: inherit;"> Part of the funds will also be used to restore libraries, toy libraries, Chromebooks, and purchase school materials.</font></font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">The Ultra Institute, Ipiranga, and Ultracargo also donated 1,500 food staples baskets to residents of Manaus (AM) and </font><font style="font-size: 10pt; line-height: inherit;">Rondon&#243;polis</font><font style="font-size: 10pt; line-height: inherit;"> (MT) affected by drought. </font><font style="font-size: 10pt; line-height: inherit;">In total, the company allocated over R$ 4 million to emergency actions in 2024.</font> </font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">The Ultra Institute also coordinates a volunteer program. In 2024, the third edition of the Social Acceleration Program was held, engaging volunteer employees from Ultrapar and its businesses to support non-governmental organizations (NGOs) in implementing solutions for their management challenges. That year, 120 employees helped 16 organizations focused on education in S&#227;o Paulo (SP), Campinas (SP), Rio de Janeiro (RJ), and Duque de Caxias (RJ). The volunteers were able to take a specific training course on the topic, developed by Instituto Ultra and </font><font style="font-size: 10pt; line-height: inherit;">Funda&#231;&#227;o</font><font style="font-size: 10pt; line-height: inherit;"> Dom Cabral. Ipiranga, Ultragaz, and Ultracargo also maintain their own volunteer initiatives. </font></font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Complementarily, Ultrapar, Ipiranga, Ultragaz, and Ultracargo support social responsibility projects through incentivized resources. </font><font style="font-size: 10pt; line-height: inherit;">In 2024, 59 initiatives were supported, receiving a total of R$ 36 million.</font></font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Value chain </font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The value chain of Ultrapar, Ipiranga, Ultragaz, and Ultracargo involves thousands of suppliers and resellers operating Ipiranga gas stations and Ultragaz dealerships. In addition to maintaining ethical business relationships, the company aims to contribute to the sustainability journey of its partners, fostering a virtuous cycle with positive societal impacts.&nbsp; </font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Before establishing any partnership with these stakeholders, reputational analyses are conducted, totaling over 9,000 assessments in 2024. As part of the Integrity Program, conversation circles (small group meetings lasting an average of one hour) are also held, and online training sessions and content are made available for Ipiranga and Ultragaz resellers. In 2024, the company placed greater emphasis on suppliers, bringing the Integrity agenda to in-person events with critical suppliers. </font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">The awareness efforts for the value chain extend beyond ethical topics. Ipiranga and Ultragaz offer training on other sustainability agenda topics to their resellers. With suppliers, progress has been made year after year across all three businesses. Through the Mover Program, </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Ipiranga</font><font style="font-size: 10pt; line-height: inherit;"> engages, develops, and recognizes transportation companies in the road and waterway sectors, driving improvements in efficiency, safety, and environmental care. </font><font style="font-size: 10pt; line-height: inherit;">Since the program's launch in 2022, the company has reduced accidents involving heavy vehicles by 62%, increased the fleet's productivity by 17%, and decreased fuel loading times at bases by 12%, among other achievements.</font><font style="font-size: 10pt; line-height: inherit;"> In 2024, Ipiranga began working more systematically with another critical group by launching the Excellence Program for Contractors. This initiative aims to disseminate best practices in safety, human and labor rights, and environmental management among partners contracted to manage construction at Ipiranga bases and stations.</font></font></p>
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<p style="margin: 10pt 0pt 6pt; break-inside: avoid; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Ultragaz</font><font style="font-size: 10pt; line-height: inherit;"> intensified its engagement with suppliers in 2024, focusing on worker health and safety (WHS). Through the "Responsible Work" program, internal actions targeted contract managers' literacy, while external initiatives focused on educating suppliers about WHS best practices, including specific training and capacity-building sessions. Additionally, the company revised its Supplier Qualification Index (SQI), aligning it more closely with the group's </font><font style="font-size: 10pt; line-height: inherit;">responsible sourcing goals</font><font style="font-size: 10pt; line-height: inherit;">. </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Ultracargo</font><font style="font-size: 10pt; line-height: inherit;"> identified its most critical suppliers, whose ESG practices will undergo analysis by an external specialized consultancy. Based on the diagnostics, customized improvement plans will be developed and implemented with the company's support.</font></font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">It is worth noting that </font><font style="font-size: 10pt; line-height: inherit;">Ipiranga, Ultragaz and Ultracargo</font><font style="font-size: 10pt; line-height: inherit;"> are signatories of the "Na M&#227;o Certa" Business Pact by Childhood </font><font style="font-size: 10pt; line-height: inherit;">Brasil</font><font style="font-size: 10pt; line-height: inherit;">. They raise awareness among various stakeholders, including transportation partners and their employees, about the importance of combating the sexual exploitation of children and teenagers&nbsp;on Brazil's highways. </font></font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Since they fully or partially serve B2B customers, Ipiranga, Ultragaz, and Ultracargo are part of the value chain of various organizations and are increasingly receiving sustainability-related demands. In 2024, all three businesses participated in the sustainability assessment conducted by the </font><font style="font-size: 10pt; line-height: inherit;">EcoVadis</font><font style="font-size: 10pt; line-height: inherit;"> platform. </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Ipiranga</font><font style="font-size: 10pt; line-height: inherit;"> earned the ESG Commitment Seal, while </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Ultraga</font><font style="font-size: 10pt; line-height: inherit;">z received the Silver Medal, and </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Ultracargo</font><font style="font-size: 10pt; line-height: inherit;"> achieved the Gold Medal. </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">ICONIC</font><font style="font-size: 10pt; line-height: inherit;">, another Ultra Group company, also responded to the </font><font style="font-size: 10pt; line-height: inherit;">EcoVadis</font><font style="font-size: 10pt; line-height: inherit;"> questionnaire in 2024 and was awarded the Gold Medal.</font></font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Governance dimension</font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Governance and integrity</font></p>
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<p style="margin: 0px; break-inside: avoid; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In 2024, the company celebrated 25 years of its initial public offering, becoming, in 1999, the first Brazilian company to be simultaneously listed on B3 and the New York Stock Exchange (NYSE). It is worth noting that since 2011, the company has been part of the Novo Mercado, a B3 listing segment that gathers companies with the most advanced governance and integrity practices.</font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">The Board of Directors, </font><font style="font-size: 10pt; line-height: inherit;">Ultrapar's</font><font style="font-size: 10pt; line-height: inherit;"> main governance body, ended 2024 with nine members, of which seven (78%) were independent, including the Chairman. Four members were serving their first term, and two were women. </font></font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">In September 2024, the company announced changes to its governance structure to enhance decision-making agility and autonomy for its businesses. Specific Boards of Directors w</font><font style="font-size: 10pt; line-height: inherit;">ere</font><font style="font-size: 10pt; line-height: inherit;"> established for Ipiranga, Ultragaz, and Ultracargo, effective </font><font style="font-size: 10pt; line-height: inherit;">from January</font><font style="font-size: 10pt; line-height: inherit;"> 2025, composed of the Chairman of the Ultrapar Board, two independent directors from Ultrapar, the Ultrapar CEO, and the CEO of the respective company. With this change, </font><font style="font-size: 10pt; line-height: inherit;">Ultrapar's</font><font style="font-size: 10pt; line-height: inherit;"> Executive Board will </font><font style="font-size: 10pt; line-height: inherit;">be composed of </font><font style="font-size: 10pt; line-height: inherit;">directors</font><font style="font-size: 10pt; line-height: inherit;"> from the holding company.&nbsp; </font></font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">As outlined in the succession plan previously disclosed, the Board of Directors confirmed that Mr. Marcos Marinho Lutz would be nominated for the Board of Directors election during the Annual General Meeting and would assume the role of Chairman of the Board, serving as Executive Chairman. To assume the position of </font><font style="font-size: 10pt; line-height: inherit;">Ultrapar's</font><font style="font-size: 10pt; line-height: inherit;"> CEO after the conclusion of this transition process, the Board approved the nomination of Rodrigo de Almeida Pizzinatto, the current CFO, with a mandate starting in April 2025. For the position of Chief Financial and Investor Relations Officer, the Board of Directors appointed Alexandre Palhares, who, since May 2024, had been serving as Chief Planning, Investor Relations, and Treasury Officer. </font></font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">To manage risk, integrity, and audit issues, the Company relies on a dedicated Risks, Integrity and Audit department, whose activities span all </font><font style="font-size: 10pt; line-height: inherit;">businesses</font><font style="font-size: 10pt; line-height: inherit;"> and which reports separately depending on each of its competencies. Administratively linked to </font><font style="font-size: 10pt; line-height: inherit;">Ultrapar's</font><font style="font-size: 10pt; line-height: inherit;"> CEO, the Department reports to the Audit and Risk Committee regarding the management of corporate risks, consolidation of information and controls, and the overall internal audit process. Composed of three members, all independent directors of the Company, the Committee assists the Board of Directors in overseeing (</font><font style="font-size: 10pt; line-height: inherit;">i</font><font style="font-size: 10pt; line-height: inherit;">) the integrity and quality of financial statements; (ii) the Company's compliance with legal and regulatory requirements; (iii) the qualifications and independence of the independent auditor; (iv) the performance of the Company's internal audit functions (represented by the Risks, Integrity and Audit department) and independent auditors; and (v) risk management. For integrity issues, encompassed by the Company's Integrity Program, the Risks, Integrity and Audit department reports to the Conduct Committee, created in 2004 and composed of one external member and one independent director of the Company. The Committee's duties include (</font><font style="font-size: 10pt; line-height: inherit;">i</font><font style="font-size: 10pt; line-height: inherit;">) managing the application of the Code of Ethics, its guidelines, and related policies; (ii) supervising the application and effectiveness of the Code of Ethics principles; (iii) reviewing and approving the Integrity Program and supervising its implementation; and (iv) recommending appropriate disciplinary measures related to its competencies to </font><font style="font-size: 10pt; line-height: inherit;">Ultrapar's</font><font style="font-size: 10pt; line-height: inherit;"> governing bodies and deciding whether to inform the Audit and Risk Committee or the Board of Directors.</font></font></p>
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<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #00458c;">2024 MANAGEMENT REPORT</font></td>
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<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Risk Management</font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">The risk management structure coordinates </font><font style="font-size: 10pt; line-height: inherit;">Ultrapar&#8217;s</font><font style="font-size: 10pt; line-height: inherit;"> integrated analysis of risks with a direct interface with each business, making the process comprehensive and with specific industry characteristics. Risk monitoring occurs independently within each company, covering internal and external aspects and evaluating scenarios quantified in terms of impact and vulnerability, which generate mitigating action plans. </font></font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">The Risk Matrix comprises themes which cover the main threats to </font><font style="font-size: 10pt; line-height: inherit;">the businesses</font><font style="font-size: 10pt; line-height: inherit;"> and are grouped into five families (Strategic and Sustainability; Operational; Financial and Capital Market; Integrity; and Cyber Risks), with an interdependent look and dynamic evaluations. In 2024, climate risks, identified in a study conducted by </font><font style="font-size: 10pt; line-height: inherit;">Ultrapar's</font><font style="font-size: 10pt; line-height: inherit;"> Risk and Sustainability Management teams and the businesses, were formally incorporated into the Company's Risk Matrix. </font></font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The entire risk management process follows the guidelines of the Corporate Risk Management Policy, approved by the Board of Directors in 2021, which will be updated in 2025.</font></p>


















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<p style="margin: 6pt 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Internal and External Audits</font></p>
<p style="margin: 6pt 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">The internal audit is responsible for assessing the internal procedures and controls of the businesses, identifying opportunities for improvement in the risk management process that contribute to updates of the risks map and the Integrity Program. The area also performs internal financial and operational audits, according to a plan approved by the Audit and Risks </font><font style="font-size: 10pt; line-height: inherit;">Committee and</font><font style="font-size: 10pt; line-height: inherit;"> performs effectiveness tests of internal controls as part of the Sarbanes-Oxley Act (SOX) certification, a requirement for the financial statements published in the North American market. In 2024 the Company launched a program to </font><font style="font-size: 10pt; line-height: inherit;">transformally</font><font style="font-size: 10pt; line-height: inherit;"> reorganize the SOX program within the Ultra Group, </font><font style="font-size: 10pt; line-height: inherit;">reviewing processes</font><font style="font-size: 10pt; line-height: inherit;"> to promote greater security and efficiency in activities, with completion scheduled for 2025. </font></font></p>
<p style="margin: 6pt 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The external audit firm is responsible for auditing the Company&#8217;s financial statements, which consider the understanding of the internal controls that are relevant to the process of preparing the financial statements and conducting the necessary procedures to issue the independent auditor&#8217;s report on the individual and consolidated financial statements.</font></p>
<p style="margin: 6pt 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Ultrapar received the 2024 Transparency Trophy from ANEFAC, an initiative of the National Association of Executives, recognizing companies prioritizing clarity, quality, and transparency in their financial disclosures. The award involves evaluations by experts from </font><font style="font-size: 10pt; line-height: inherit;">Insper</font><font style="font-size: 10pt; line-height: inherit;"> and UFRJ, among other academic institutions, assessing balance sheets and income statements of participants. </font></font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Integrity</font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Ultrapar</font><font style="font-size: 10pt; line-height: inherit;">'s</font><font style="font-size: 10pt; line-height: inherit;"> Integrity Program has as its main responsibilities (</font><font style="font-size: 10pt; line-height: inherit;">i</font><font style="font-size: 10pt; line-height: inherit;">) ensuring the standardization of the integrity structures across all portfolio businesses; (ii) drafting and reviewing the Code of Ethics and other integrity policies; (iii) conducting training and communication campaigns for employees and business partners; (iv) assessing business partners' compliance; and (v) managing the Open Channel, a tool available to all stakeholders for consultations and reporting deviations.</font></font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Ipiranga </font><font style="font-size: 10pt; line-height: inherit;">held over 50 discussion groups with internal audiences and advanced in training business partners and critical third parties through meetings and webinars, as well as specific actions through a themed calendar for resellers.</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Ultragaz </font><font style="font-size: 10pt; line-height: inherit;">intensified communication with internal audiences through Ethical Contact agendas and established dedicated actions for resellers, such as the Integrity onboarding process and the inclusion of training in the Ultragaz reseller platform, impacting award programs. </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Ultracargo</font><font style="font-size: 10pt; line-height: inherit;"> conducted discussion groups with internal audiences, chats focused on managing integrity risks for leadership, as well as specific actions during the SIPAT Week addressing Prevention and Combating Harassment and the Integrity Week, discussing Business Ethics in Practice for administrative and operational audiences.</font> </font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">All documents comprising the Integrity Program were reviewed in 2024, including the Code of Ethics and the Policies on Conflicts of Interest, Related Party Transactions, Competition, and Anti-Corruption</font><font style="font-size: 10pt; line-height: inherit;">.</font> <font style="font-size: 10pt; line-height: inherit;">W</font><font style="font-size: 10pt; line-height: inherit;">ith </font><font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">approval of the new versions by the Board of Directors</font><font style="font-size: 10pt; line-height: inherit;">,</font> <font style="font-size: 10pt; line-height: inherit;">t</font><font style="font-size: 10pt; line-height: inherit;">he updated versions of the Code of Ethics and the Anti-Corruption Policy will be launched in 2025. The Company also continued organizing discussion groups for employees, suppliers, and resellers. For employees, topics like combating harassment, conflicts of interest, anti-corruption practices, and the operation of the Open Channel were covered in the 2024 sessions. Additionally, customized discussion groups by </font><font style="font-size: 10pt; line-height: inherit;">department</font><font style="font-size: 10pt; line-height: inherit;"> addressed integrity risks most likely to occur in each area. Over 100 discussion groups were held, </font><font style="font-size: 10pt; line-height: inherit;">impacting</font><font style="font-size: 10pt; line-height: inherit;"> more than 3,000 people. </font></font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">In </font><font style="font-size: 10pt; line-height: inherit;">another front</font><font style="font-size: 10pt; line-height: inherit;"> of the Integrity Program, reputational surveys of third parties across all businesses, including social organizations receiving support and sponsorship from the Ultra Group, were conducted. </font><font style="font-size: 10pt; line-height: inherit;">In 2024 over 9,000 analyses were completed.</font> </font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">The Company's goal is to reach the highest level of integrity on the Hearts &amp; Minds Matrix (generative level). In the 2023 assessment, the Company remained positioned at the proactive level, the </font><font style="font-size: 10pt; line-height: inherit;">second-highest</font><font style="font-size: 10pt; line-height: inherit;"> on the matrix, highlighting the strong commitment of leaders and employees to the Integrity Program. Based on the results, an action plan was developed, implementing a series of improvements already initiated in 2024. Evaluations conducted internally with all leadership showed progress in integrity culture topics. A new survey will be conducted in 2026 to evaluate the evolution of </font><font style="font-size: 10pt; line-height: inherit;">these</font><font style="font-size: 10pt; line-height: inherit;"> themes. </font></font></p>
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<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #00458c;">2024 MANAGEMENT REPORT</font></td>
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<p style="line-height: 14pt; margin: 10pt 0pt 6pt; break-before: page; text-align: justify; text-indent: 0pt;"><font style="color: #3cbfbe; font-family: 'times new roman', times; font-size: 12pt; font-weight: bold; line-height: inherit;">Capital markets</font></p>






































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<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Ultrapar&#8217;s</font><font style="font-size: 10pt; line-height: inherit;"> combined average daily financial volume on B3 and NYSE totaled R$ 159 million/day in 2024 (+12% vs. 2023). Ultrapar shares closed 2024 quoted at R$ 15.88 on B3, a 40% decline in the year, while the Ibovespa index depreciated by 10%. On NYSE, Ultrapar shares dropped 51%, while the Dow Jones index appreciated 13% in the year. Ultrapar ended 2024 with a market cap of R$ 18 billion.</font></font></p>
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">UGPA3 x Ibovespa performance</font></p>
<p style="margin: 6pt 0pt; text-align: center; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">(base 100)</font></font></p>
<p style="margin: 6pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">&nbsp;<img src="img2fea13d6c63842f48174.jpg" style="display: block; margin-left: auto; margin-right: auto;" alt="Graphics"></font></font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<p style="line-height: 14pt; margin: 0pt 0pt 6pt; text-align: justify;"><font style="color: #3cbfbe; font-family: 'times new roman', times; font-size: 12pt; font-weight: bold; line-height: inherit;">Dividends and interest on equity</font></p>






































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<p style="margin: 10pt 0pt 10pt 150pt; font-size: 10pt; font-family: 'Century Gothic', sans-serif; color: #000000; text-indent: 0pt;"><font style="font-size: 8pt; font-family: Aptos, sans-serif; color: #000000;">Source:
Broadcast</font><font style="font-size: 8.0pt; font-family: 'Aptos',sans-serif; color: black; mso-themecolor: text1;"></font></p>
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<td colspan="3" height="25" width="324" style="height: 18.75pt; width: 243pt; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-size: 14pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: 1pt solid #00458c; border-right: none; border-bottom: 1pt solid #8d8b8c; border-left: 1pt solid #00458c; border-image: initial; white-space: normal; text-align: center; background: #00458c;"><font style="font-family: 'times new roman', times; font-size: 12pt;">Dividend history</font></td>













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<td rowspan="2" height="40" style="border-bottom: 1pt solid #0e2841; height: 30pt; border-top: none; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-size: 10pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-right: none; border-left: 1pt solid #8d8b8c; border-image: initial; white-space: nowrap; text-align: center; background: #8d8b8c;"><font style="font-family: 'times new roman', times;">Fiscal year</font></td>
<td rowspan="2" width="115" style="border-bottom: 1pt solid #0e2841; border-top: 1pt solid #8d8b8c; width: 86pt; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-size: 10pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-right: none; border-left: none; border-image: initial; white-space: normal; text-align: center; background: #8d8b8c;"><font style="font-family: 'times new roman', times;">Total amount </font><br><font style="font-family: 'times new roman', times;">
    (R$ million)</font></td>
<td rowspan="2" width="115" style="border-bottom: 1pt solid #0e2841; border-top: 1pt solid #8d8b8c; width: 86pt; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-size: 10pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-right: 1pt solid #8d8b8c; border-left: none; border-image: initial; white-space: normal; text-align: center; background: #8d8b8c;"><font style="font-family: 'times new roman', times;">Dividend </font><br><font style="font-family: 'times new roman', times;">
    per share (R$)</font></td>













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<td height="20" width="94" style="height: 15pt; width: 71pt; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #404040; font-size: 9pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: center; border: 1pt solid #000000;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2024</font></td>
<td width="115" style="width: 86pt; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #404040; font-size: 9pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: center; border: 1pt solid #000000;"><font style="font-family: 'times new roman', times; font-size: 10pt;">769</font></td>
<td width="115" style="width: 86pt; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #404040; font-size: 9pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: center; border: 1pt solid #000000;"><font style="font-family: 'times new roman', times; font-size: 10pt;">0.70</font></td>













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<td height="20" width="94" style="height: 15pt; width: 71pt; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #404040; font-size: 9pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: center; border: 1pt solid #000000;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2023</font></td>
<td width="115" style="width: 86pt; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #404040; font-size: 9pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: center; border: 1pt solid #000000;"><font style="font-family: 'times new roman', times; font-size: 10pt;">713</font></td>
<td width="115" style="width: 86pt; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #404040; font-size: 9pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: center; border: 1pt solid #000000;"><font style="font-family: 'times new roman', times; font-size: 10pt;">0.65</font></td>













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<td height="20" width="94" style="height: 15pt; width: 71pt; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #404040; font-size: 9pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: center; border: 1pt solid #000000;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2022&#185;</font></td>
<td width="115" style="width: 86pt; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #404040; font-size: 9pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: center; border: 1pt solid #000000;"><font style="font-family: 'times new roman', times; font-size: 10pt;">506</font></td>
<td width="115" style="width: 86pt; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #404040; font-size: 9pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: center; border: 1pt solid #000000;"><font style="font-family: 'times new roman', times; font-size: 10pt;">0.46</font></td>













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<td height="20" width="94" style="height: 15pt; width: 71pt; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #404040; font-size: 9pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: center; border: 1pt solid #000000;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2021</font></td>
<td width="115" style="width: 86pt; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #404040; font-size: 9pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: center; border: 1pt solid #000000;"><font style="font-family: 'times new roman', times; font-size: 10pt;">404</font></td>
<td width="115" style="width: 86pt; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #404040; font-size: 9pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: center; border: 1pt solid #000000;"><font style="font-family: 'times new roman', times; font-size: 10pt;">0.37</font></td>













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<td height="20" width="94" style="height: 15pt; width: 71pt; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #404040; font-size: 9pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: center; border: 1pt solid #000000;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2020</font></td>
<td width="115" style="width: 86pt; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #404040; font-size: 9pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: center; border: 1pt solid #000000;"><font style="font-family: 'times new roman', times; font-size: 10pt;">480</font></td>
<td width="115" style="width: 86pt; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #404040; font-size: 9pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: center; border: 1pt solid #000000;"><font style="font-family: 'times new roman', times; font-size: 10pt;">0.44</font></td>













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<td style="width: 75%;"><font style="font-size: 7pt;"><sup>1</sup>Amounting to R$ 450 million (R$ 396 million net of income tax) in interest on equity and R$ 110 million in dividends</font></td>









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<p style="margin: 6pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">In 2024, Ultrapar declared dividends of R$ </font><font style="font-size: 10pt; line-height: inherit;">769</font><font style="font-size: 10pt; line-height: inherit;"> million, which represent a payout of </font><font style="font-size: 10pt; line-height: inherit;">30</font><font style="font-size: 10pt; line-height: inherit;">% on the net income attributable to shareholders after the legal reserve of 5%, and a dividend yield of </font><font style="font-size: 10pt; line-height: inherit;">3</font><font style="font-size: 10pt; line-height: inherit;">% on the average price of </font><font style="font-size: 10pt; line-height: inherit;">Ultrpar&#8217;s</font><font style="font-size: 10pt; line-height: inherit;"> shares.</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'>101</font></font></td>






































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<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #00458c;">2024 MANAGEMENT REPORT</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>
























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<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="color: #3cbfbe; font-family: 'times new roman', times; font-size: 12pt; font-weight: bold; line-height: inherit;">Analysis of financial performance in 2024</font></p>
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<p style="margin: 6pt 0pt; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Economic-operational environment</font></font></p>






































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<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>
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<td rowspan="2" height="45" width="212" style="height: 33.75pt; width: 159pt; padding-top: 1px; padding-right: 1px; padding-left: 9px; color: #ffffff; font-size: 10pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left; background: #00458c; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000;"><font style="font-family: 'times new roman', times;">Macroeconomic indicators&#185;</font></td>
<td rowspan="2" width="80" style="width: 60pt; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: center; background: #00458c; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><font style="font-family: 'times new roman', times;">2024</font></td>
<td rowspan="2" width="80" style="width: 60pt; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: center; background: #00458c; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><font style="font-family: 'times new roman', times;">2023</font></td>
<td rowspan="2" width="82" style="width: 62pt; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: center; background: #00458c; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000;"><font style="font-family: 'times new roman', times;">2024 x 2023</font></td>













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<td height="20" width="212" style="height: 15pt; width: 159pt; padding-top: 1px; padding-right: 1px; padding-left: 9px; color: windowtext; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000;"><font style="font-family: 'times new roman', times;">GDP</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: windowtext; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: center;"><font style="font-family: 'times new roman', times;">3.5%</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: windowtext; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: center;"><font style="font-family: 'times new roman', times;">2.9%</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: windowtext; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: center; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000;"><font style="font-family: 'times new roman', times;">0.6pp</font></td>













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<td height="20" width="212" style="height: 15pt; width: 159pt; padding-top: 1px; padding-right: 1px; padding-left: 9px; color: windowtext; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000;"><font style="font-family: 'times new roman', times;">Inflation</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: windowtext; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: center;"><font style="font-family: 'times new roman', times;">4.8%</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: windowtext; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: center;"><font style="font-family: 'times new roman', times;">4.6%</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: windowtext; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: center; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000;"><font style="font-family: 'times new roman', times;">0.2pp</font></td>













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<td height="20" width="212" style="height: 15pt; width: 159pt; padding-top: 1px; padding-right: 1px; padding-left: 9px; color: windowtext; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000;"><font style="font-family: 'times new roman', times;">Accumulated
  Selic rate</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: windowtext; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: center;"><font style="font-family: 'times new roman', times;">10.9%</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: windowtext; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: center;"><font style="font-family: 'times new roman', times;">13.0%</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: windowtext; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: center; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000;"><font style="font-family: 'times new roman', times;">-2.1pp</font></td>













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<td height="20" width="212" style="height: 15pt; width: 159pt; padding-top: 1px; padding-right: 1px; padding-left: 9px; color: windowtext; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000;"><font style="font-family: 'times new roman', times;">Average
  exchange rate (R$/US$)</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: windowtext; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: center;"><font style="font-family: 'times new roman', times;">5.39</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: windowtext; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: center;"><font style="font-family: 'times new roman', times;">5.00</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: windowtext; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: center; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000;"><font style="font-family: 'times new roman', times;">8.0%</font></td>













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<td height="20" width="212" style="height: 15pt; width: 159pt; padding-top: 1px; padding-right: 1px; padding-left: 9px; color: windowtext; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><font style="font-family: 'times new roman', times;">Brent
  crude oil (US$/barrel)</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: windowtext; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: center; background: white; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><font style="font-family: 'times new roman', times;">81</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: windowtext; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: center; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><font style="font-family: 'times new roman', times;">83</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: windowtext; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: center; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000;"><font style="font-family: 'times new roman', times;">-2%</font></td>













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<td style="width: 75%;"><font style="font-size: 7pt;"><sup>1</sup>Source: Brazilian Central Bank and Bloomberg; for the 2024 GDP, Focus report of 01/03/2025</font></td>









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<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">The year 2024 was marked by </font><font style="font-size: 10pt; line-height: inherit;">volatility</font><font style="font-size: 10pt; line-height: inherit;">, with geopolitical tensions continuing to influence the global landscape, including ongoing conflicts in the Middle East and Ukraine and new trade disputes between major powers. Monetary policies remained restrictive in several regions, reflecting </font><font style="font-size: 10pt; line-height: inherit;">the inflationary and</font><font style="font-size: 10pt; line-height: inherit;"> fiscal policies. Consumer and business confidence showed signs of recovery, albeit fragile.</font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">In 2024, the Brazilian economy </font><font style="font-size: 10pt; line-height: inherit;">showed </font><font style="font-size: 10pt; line-height: inherit;">higher than expected </font><font style="font-size: 10pt; line-height: inherit;">GDP growth</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;"> driven by consumption. Inflation remained a challenge, prompting the Central Bank to raise the SELIC rate to 12.25% per year. Fiscal challenges persisted as a source of instability and concern, and alongside higher U.S. interest rates, contributed to the depreciation of the Brazilian Real against the dollar.&nbsp; The GDP for 2024 is projected to grow </font><font style="font-size: 10pt; line-height: inherit;">close to </font><font style="font-size: 10pt; line-height: inherit;">3.5</font><font style="font-size: 10pt; line-height: inherit;">%, according to the Focus report of </font><font style="font-size: 10pt; line-height: inherit;">1/</font><font style="font-size: 10pt; line-height: inherit;">03</font><font style="font-size: 10pt; line-height: inherit;">/2025</font><font style="font-size: 10pt; line-height: inherit;">.</font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">The fuel distribution market (gasoline, ethanol and diesel) recorded volume growth of 4% compared to 2023, with an increase of 6% in the Otto cycle and 3% in diesel, according to ANP data. The volume of the Otto cycle and Diesel benefited </font><font style="font-size: 10pt; line-height: inherit;">from </font><font style="font-size: 10pt; line-height: inherit;">higher competitiveness&#8217; of ethanol and </font><font style="font-size: 10pt; line-height: inherit;">the improved economic performance. In the first half of 2024, irregular practices intensified, especially related to tax benefits granted in Amap&#225;, which were revoked in April 2024, and the increase in naphtha imports, which entered the country as an input for the chemical industry with lower tax rates but were also sold as gasoline without full tax collection. In the second half, unlawful practices&nbsp;in the Otto Cycle decreased, but unlawful practices&nbsp;in Diesel increased due to biodiesel </font><font style="font-size: 10pt; line-height: inherit;">underblending</font><font style="font-size: 10pt; line-height: inherit;">, as mandate.</font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In the LPG market, total volume grew by 2% compared to 2023, according to ANP data, due to the 6% increase in the bulk segment, driven by the country's economic growth, and a 1% increase in the bottled segment. </font></p>
<p style="text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">In 2024, the liquid bulk storage sector in independent terminals grew by </font><font style="font-size: 10pt; line-height: inherit;">3</font><font style="font-size: 10pt; line-height: inherit;">% compared to 2023, according to data from ABTL. This growth was mainly driven by </font><font style="font-size: 10pt; line-height: inherit;">an</font> <font style="font-size: 10pt; line-height: inherit;">6</font><font style="font-size: 10pt; line-height: inherit;">% increase in fuel handling, particularly in cabotage fuel transport and increased domestic handling of fuels and alcohols in </font><font style="font-size: 10pt; line-height: inherit;">Suape</font><font style="font-size: 10pt; line-height: inherit;">.</font><font style="font-size: 10pt; line-height: inherit;"> Despite the drop in imports of derivatives throughout the year, Petrobras' lower participation in the national handling favored the independent terminal sector. </font></font></p>
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<p style="line-height: 14pt; margin: 8pt 0pt 6pt; break-before: page; text-indent: 0pt;"><font style="color: #3cbfbe; font-family: 'times new roman', times; font-size: 12pt; font-weight: bold; line-height: inherit;">Considerations on the financial and operating information</font></p>






































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<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">The financial information presented on this document was extracted from the financial statements prepared in accordance with accounting practices adopted in Brazil and the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board</font> <font style="font-size: 10pt; line-height: inherit;">(IASB). Hidrovias' results are accounted for with a two-month lag, </font><font style="font-size: 10pt; line-height: inherit;">impacting</font><font style="font-size: 10pt; line-height: inherit;"> the share of profit (loss) of subsidiaries, joint ventures and associates in July 2024. Information on Ipiranga, Ultragaz and Ultracargo is presented without the elimination of intersegment transactions. Therefore, the sum of such information may not correspond to </font><font style="font-size: 10pt; line-height: inherit;">Ultrapar's</font><font style="font-size: 10pt; line-height: inherit;"> consolidated information. Additionally, the financial and operational information is subject to rounding and, consequently, the total amounts presented in the tables and charts may differ from the direct numerical sum of the amounts that </font><font style="font-size: 10pt; line-height: inherit;">preceded</font><font style="font-size: 10pt; line-height: inherit;"> them.</font> </font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Information denominated EBIT (Earnings Before Interest and Taxes), EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), Adjusted EBITDA, and Recurring Adjusted EBITDA is presented in accordance with Resolution 156, issued by the Brazilian Securities and Exchange Commission (&#8220;CVM&#8221;) on June 23, 2022.</font></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Adjusted EBITDA considers adjustments for usual business transactions that affect results but do not generate cash flow, such as amortization of customer bonuses, amortization of fair value adjustment and capital loss of associates, and the effect of mark-to-market of future energy contracts. For Recurring Adjusted EBITDA, the company excludes exceptional or non-recurring items, providing a more accurate and consistent view of its operational performance, avoiding distortions caused by unique or extraordinary events, whether positive or negative.</font></p>
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<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #00458c;">2024 MANAGEMENT REPORT</font></td>
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<p style="line-height: 14pt; margin: 10pt 0pt 6pt; text-indent: 0pt;"><font style="color: #3cbfbe; font-family: 'times new roman', times; font-size: 12pt; font-weight: bold; line-height: inherit;">Ipiranga</font></p>






































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<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">The volume sold by Ipiranga totaled 23,570 thousand m&#179; in 2024, an increase of 2% when compared to 2023, with a 5% growth in the Otto cycle due to increased use of ethanol at the expense of gasoline in the product mix and a 1% decline in diesel</font><font style="font-size: 10pt; line-height: inherit;">, mainly in spot markets.</font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net revenues were R$ 121,336 million (+6% vs. 2023), due to pass-through of fuel cost increases and higher sales volumes. Cost of goods sold totaled R$ 114,730 million (+6% vs. 2023), due to higher fuel costs and sales volumes, partially offset by increased recognition of extraordinary tax credits.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Sales, general and administrative expenses totaled R$ 3,019 million (+3% vs. 2023), due to higher personnel expenses (collective bargaining agreement), technology service contracts, and one-off expenses related to office relocations in Rio de Janeiro and S&#227;o Paulo, partially offset by lower contingency expenses and legacy network cleanup expenses completed in </font><font style="font-size: 10pt; line-height: inherit;">2023</font><font style="font-size: 10pt; line-height: inherit;">.</font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">The other operating </font><font style="font-size: 10pt; line-height: inherit;">results line</font><font style="font-size: 10pt; line-height: inherit;"> recorded a negative R$ 513 million, an improvement of R$ 145 million compared to 2023, mainly due to lower costs with decarbonization credits</font><font style="font-size: 10pt; line-height: inherit;">, </font><font style="font-size: 10pt; line-height: inherit;">in line with carbon credits&nbsp;</font><font style="font-size: 10pt; line-height: inherit;">prices</font><font style="font-size: 10pt; line-height: inherit;">.</font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">The line of results from disposal of assets totaled R$ 168 million (-2% vs. 2023), mainly due to capital gain in 2023 from the sale of the </font><font style="font-size: 10pt; line-height: inherit;">Rondon&#243;polis</font><font style="font-size: 10pt; line-height: inherit;"> base to Ultracargo, partially offset </font><font style="font-size: 10pt; line-height: inherit;">mainly </font><font style="font-size: 10pt; line-height: inherit;">by </font><font style="font-size: 10pt; line-height: inherit;">the higher </font><font style="font-size: 10pt; line-height: inherit;">sale of real estate assets.</font> </font></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Ipiranga&#8217;s</font><font style="font-size: 10pt; line-height: inherit;"> recurring EBITDA totaled R$ 3,343 million in </font><font style="font-size: 10pt; line-height: inherit;">2024 (-</font><font style="font-size: 10pt; line-height: inherit;">6% vs. 2023), due to lower margins</font> <font style="font-size: 10pt; line-height: inherit;">(</font><font style="font-size: 10pt; line-height: inherit;">affected</font><font style="font-size: 10pt; line-height: inherit;"> by unlawful practices</font><font style="font-size: 10pt; line-height: inherit;">&nbsp;in the </font><font style="font-size: 10pt; line-height: inherit;">industry and higher inventory levels</font><font style="font-size: 10pt; line-height: inherit;">)</font><font style="font-size: 10pt; line-height: inherit;"> and higher expenses, offset by increased sales volumes.</font></font></p>
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<p style="line-height: 14pt; margin: 0pt 0pt 6pt;"><font style="color: #3cbfbe; font-family: 'times new roman', times; font-size: 12pt; font-weight: bold; line-height: inherit;">Ultragaz </font></p>






































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<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">The volume sold by Ultragaz totaled 1,747 </font><font style="font-size: 10pt; line-height: inherit;">kton</font><font style="font-size: 10pt; line-height: inherit;"> in 2024, an increase of 1% compared to 2023, </font><font style="font-size: 10pt; line-height: inherit;">as a result of</font><font style="font-size: 10pt; line-height: inherit;"> a 3% growth of sales in the bulk segment, offset by a decrease of 1% in the bottled segment due to </font><font style="font-size: 10pt; line-height: inherit;">the commercial </font><font style="font-size: 10pt; line-height: inherit;">environment</font><font style="font-size: 10pt; line-height: inherit;"> of the segment</font><font style="font-size: 10pt; line-height: inherit;"> in the first half of 2024. </font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net revenues were R$ 11,288 million (+6% vs. 2023), due to the pass-through of LPG cost increases and increased sales volumes. Cost of goods sold totaled R$ 8,895 million (+5% vs. 2023), due to higher LPG costs, increased sales volumes, and higher personnel expenses, partially offset by the recognition of extraordinary tax credits and the effect of mark-to market of future energy contracts.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Selling, general and administrative expenses totaled R$ 951 million (+3% vs. 2023), due to higher personnel expenses</font> <font style="font-size: 10pt; line-height: inherit;">(mainly reflecting wage adjustments and new business acquisitions)</font><font style="font-size: 10pt; line-height: inherit;">, partially offset by lower sales commission expenses.</font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">The other operating results line totaled R$ 83 million in 2024, compared to R$ 20 million in 2023, mainly due to a R$ 54 million </font><font style="font-size: 10pt; line-height: inherit;">decrease</font><font style="font-size: 10pt; line-height: inherit;"> in earnout payable related to the acquisition of Stella.</font></font></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Ultragaz's</font><font style="font-size: 10pt; line-height: inherit;"> recurring EBITDA was R$ 1,687 million in 2024 (+2% vs. 2023), due to higher sales volumes, </font><font style="font-size: 10pt; line-height: inherit;">a better sales mix </font><font style="font-size: 10pt; line-height: inherit;">and the </font><font style="font-size: 10pt; line-height: inherit;">pass-through of inflationary effects</font><font style="font-size: 10pt; line-height: inherit;">, despite higher </font><font style="font-size: 10pt; line-height: inherit;">costs and </font><font style="font-size: 10pt; line-height: inherit;">expenses.</font></font></p>
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<p style="line-height: 14pt; margin: 0pt 0pt 6pt;"><font style="color: #3cbfbe; font-family: 'times new roman', times; font-size: 12pt; font-weight: bold; line-height: inherit;">Ultracargo</font></p>






































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<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Ultracargo's</font><font style="font-size: 10pt; line-height: inherit;"> average installed capacity was 1,067 thousand m&#179; in 2024 (+6% vs. 2023). The m&#179; sold was 17,143 thousand m&#179; (+9% vs. 2023), due to the startup of operations in </font><font style="font-size: 10pt; line-height: inherit;">Opla</font><font style="font-size: 10pt; line-height: inherit;"> and </font><font style="font-size: 10pt; line-height: inherit;">Rondon&#243;polis</font><font style="font-size: 10pt; line-height: inherit;"> and higher fuel handling in Vila do Conde.&nbsp; </font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Net revenues totaled R$ 1,076 million (+6% vs. 2023), as a result </font><font style="font-size: 10pt; line-height: inherit;">of&nbsp; higher</font><font style="font-size: 10pt; line-height: inherit;"> m&#179; sold, despite lower spot sales. </font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cost of services provided totaled R$ 387 million (+9% vs. 2023), due to higher m&#179; sold and increased depreciation expenses, aligned with the capacity expansion.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Selling, general and administrative expenses totaled R$ 187 million (+5% vs. 2023), due to higher personnel expenses (mainly variable compensation and collective bargaining agreement) and advisory fees</font><font style="font-size: 10pt; line-height: inherit;"> for expansion</font><font style="font-size: 10pt; line-height: inherit;">.</font> </font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">The other operating results line totaled R$ 14 million in 2024, </font><font style="font-size: 10pt; line-height: inherit;">compared to R$ 2 million in 2023</font><font style="font-size: 10pt; line-height: inherit;">, mainly due to customer and supplier indemnity revenues in 2024.</font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">The share of profit of subsidiaries line totaled R$ 3 million in 2024 (-73% vs. 2023), mainly due to the gain from the demobilization of </font><font style="font-size: 10pt; line-height: inherit;">Uni&#227;o</font><font style="font-size: 10pt; line-height: inherit;"> Vopak in 2023.</font></font></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Ultracargo recorded an EBITDA of R$ 668 million in 2024 (+6% vs. 2023), due to higher m&#179; sold</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;"> spot </font><font style="font-size: 10pt; line-height: inherit;">tariffs</font><font style="font-size: 10pt; line-height: inherit;"> and contractual adjustments, despite higher </font><font style="font-size: 10pt; line-height: inherit;">costs and </font><font style="font-size: 10pt; line-height: inherit;">expenses.</font></font></p>
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<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #00458c;">2024 MANAGEMENT REPORT</font></td>
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<p style="line-height: 14pt; margin: 0pt 0pt 6pt;"><font style="color: #3cbfbe; font-family: 'times new roman', times; font-size: 12pt; font-weight: bold; line-height: inherit;">Ultrapar </font></p>






































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<p style="margin: 0pt 0pt 0pt; line-height: 1.2; text-align: right; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; color: #00458c;">R$ million</font><br></font></p>
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<td rowspan="2" height="126" style="border-width: 1pt; border-style: solid; border-color: windowtext #000000 #00458c windowtext; height: 57px; padding: 0px; color: #ffffff; font-size: 12pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-image: initial; white-space: normal; text-align: center; background: #00458c; width: 70%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;</font>ULTRAPAR -
  Income statement<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td rowspan="2" style="border-bottom: 1pt solid #8d8b8c; padding: 0px; color: #ffffff; font-size: 12pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: 1pt solid windowtext; border-right: none; border-left: 1pt solid windowtext; border-image: initial; white-space: normal; text-align: center; background: #8d8b8c; width: 10%; height: 57px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2024</font></td>
<td rowspan="2" style="border-bottom: 1pt solid #8d8b8c; padding: 0px; color: #ffffff; font-size: 12pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: 1pt solid windowtext; border-left: none; border-image: initial; white-space: nowrap; text-align: center; background: #8d8b8c; width: 10%; height: 57px; border-right: 1pt solid #000000;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2023</font></td>
<td rowspan="2" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext #8d8b8c #000000; padding: 0px; color: #ffffff; font-size: 12pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-image: initial; white-space: normal; text-align: center; background: #8d8b8c; width: 10%; height: 57px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#916; (%) </font><br><font style="font-family: 'times new roman', times; font-size: 10pt;">
    2024 v 2023</font></td>









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<td height="20" style="height: 15px; padding: 0px 0px 0px 9px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; text-align: left; background: white;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net revenues from sales and
  services</font></td>
<td style="border-top: none; padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">133,499</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; background: white; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">126,049</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: white; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6%</font></td>









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<td height="22" style="height: 16px; padding: 0px 0px 0px 9px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; text-align: left; background: white;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cost of products sold and
  services provided</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(123,812)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; background: white; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(116,730)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: white; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6%</font></td>









</tr>
<tr style="height: 15px;">
<td height="20" style="height: 15px; padding: 0px; color: #00458c; font-size: 10pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: 1pt solid #00458c; border-right: none; border-bottom: 1pt solid #00458c; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Gross profit</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-size: 10pt; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-width: 1pt; border-style: solid; border-color: #00458c #d9e5f1 #00458c windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">9,687</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: 1pt solid #00458c; border-right: none; border-bottom: 1pt solid #00458c; border-left: 1pt solid #d9e5f1; border-image: initial; white-space: nowrap; background: white; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">9,318</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-width: 1pt; border-style: solid; border-color: #00458c windowtext; border-image: initial; white-space: nowrap; background: white; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4%</font></td>









</tr>
<tr style="height: 15px;">
<td height="20" style="height: 15px; padding: 0px; color: #000000; font-size: 10pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Operating revenues (expenses)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 15px; text-align: right;"></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>









</tr>
<tr style="height: 16px;">
<td height="22" style="height: 16px; padding: 0px 0px 0px 18px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; text-align: left; background: white;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Selling and marketing</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,500)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,253)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">11%</font></td>









</tr>
<tr style="height: 16px;">
<td height="22" style="height: 16px; padding: 0px 0px 0px 18px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; text-align: left; background: white;"><font style="font-family: 'times new roman', times; font-size: 10pt;">General and administrative</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,872)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,018)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-7%</font></td>









</tr>
<tr style="height: 16px;">
<td height="22" style="height: 16px; padding: 0px 0px 0px 9px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; text-align: left; background: white;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Results from disposal of
  assets</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">172</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">122</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">41%</font></td>









</tr>
<tr style="height: 16px;">
<td height="22" style="height: 16px; padding: 0px 0px 0px 9px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; text-align: left; background: white;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other operating income
  (expenses), net</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(414)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(603)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">31%</font></td>









</tr>
<tr style="height: 15px;">
<td height="20" style="height: 15px; padding: 0px; color: #00458c; font-size: 10pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: 1pt solid #00458c; border-right: none; border-bottom: 1pt solid #00458c; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Operating income</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-size: 10pt; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-width: 1pt; border-style: solid; border-color: #00458c #d9e5f1 #00458c windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,073</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: 1pt solid #00458c; border-right: none; border-bottom: 1pt solid #00458c; border-left: 1pt solid #d9e5f1; border-image: initial; white-space: nowrap; background: white; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,566</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-width: 1pt; border-style: solid; border-color: #00458c windowtext; border-image: initial; white-space: nowrap; background: white; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">11%</font></td>









</tr>
<tr style="height: 16px;">
<td height="22" style="height: 16px; padding: 0px 0px 0px 9px; color: #000000; font-size: 10pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; text-align: left; background: white;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Financial result, net</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 16px; text-align: right;"></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>









</tr>
<tr style="height: 16px;">
<td height="22" style="height: 16px; padding: 0px 0px 0px 9px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; text-align: left; background: white;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Financial income</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">881</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">881</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">0%</font></td>









</tr>
<tr style="height: 16px;">
<td height="22" style="height: 16px; padding: 0px 0px 0px 9px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; text-align: left; background: white;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Financial expenses</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,813)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,880)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-4%</font></td>









</tr>
<tr style="height: 16px;">
<td height="22" style="height: 16px; padding: 0px 0px 0px 9px; color: #000000; font-size: 10pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; text-align: left; background: white;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total share of profit (loss)
  of subsidiaries, joint ventures and associates</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(130)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">n/a</font></td>









</tr>
<tr style="height: 14px;">
<td height="20" style="height: 14px; padding: 0px; color: #00458c; font-size: 10pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: 1pt solid #00458c; border-right: none; border-bottom: 1pt solid #00458c; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Income before income and
  social contribution taxes</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-size: 10pt; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-width: 1pt; border-style: solid; border-color: #00458c #d9e5f1 #00458c windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 14px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,012</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: 1pt solid #00458c; border-right: none; border-bottom: 1pt solid #00458c; border-left: 1pt solid #d9e5f1; border-image: initial; white-space: nowrap; background: white; height: 14px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,579</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-width: 1pt; border-style: solid; border-color: #00458c windowtext; border-image: initial; white-space: nowrap; background: white; height: 14px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12%</font></td>









</tr>
<tr style="height: 10px;">
<td height="22" style="height: 10px; padding: 0px 0px 0px 9px; color: #000000; font-size: 11pt; font-style: normal; text-decoration: none; font-family: 'Aptos Narrow', sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-image: initial; white-space: nowrap; border-left: 1pt solid #000000;" align="left" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Income and social contribution taxes
</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 10px; text-align: right;"></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>









</tr>
<tr style="height: 16px;">
<td height="22" style="height: 16px; padding: 0px 0px 0px 27px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; text-align: left; background: white;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Current</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,125)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,396)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-19%</font></td>









</tr>
<tr style="height: 16px;">
<td height="22" style="height: 16px; padding: 0px 0px 0px 27px; color: #000000; font-size: 11pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Aptos Narrow', sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-image: initial; white-space: nowrap; border-left: 1pt solid #000000;" align="left" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred
</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(361)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">335</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-208%</font></td>









</tr>
<tr style="height: 15px;">
<td height="20" style="height: 15px; padding: 0px; color: #00458c; font-size: 10pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: 1pt solid #00458c; border-right: none; border-bottom: 1pt solid #00458c; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net income</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-size: 10pt; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-width: 1pt; border-style: solid; border-color: #00458c #d9e5f1 #00458c windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,526</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: 1pt solid #00458c; border-right: none; border-bottom: 1pt solid #00458c; border-left: 1pt solid #d9e5f1; border-image: initial; white-space: nowrap; background: white; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,518</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-width: 1pt; border-style: solid; border-color: #00458c windowtext; border-image: initial; white-space: nowrap; background: white; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">0%</font></td>









</tr>
<tr style="height: 16px;">
<td height="22" style="height: 16px; padding: 0px 0px 0px 9px; color: #000000; font-size: 10pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; text-align: left; background: white;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net income attributable to:</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 16px; text-align: right;"></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>









</tr>
<tr style="height: 16px;">
<td height="22" style="height: 16px; padding: 0px 0px 0px 27px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; text-align: left; background: white;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Shareholders of Ultrapar</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,363</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,440</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-3%</font></td>









</tr>
<tr style="height: 16px;">
<td height="22" style="height: 16px; padding: 0px 0px 0px 27px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; text-align: left; background: white;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Non-controlling interests in subsidiaries</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">163</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">78</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">109%</font></td>









</tr>
<tr style="height: 15px;">
<td height="20" style="height: 15px; padding: 0px; color: #00458c; font-size: 10pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: 1pt solid #00458c; border-right: none; border-bottom: 1pt solid #00458c; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">EBITDA</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-size: 10pt; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-width: 1pt; border-style: solid; border-color: #00458c #d9e5f1 #00458c windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,117</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: 1pt solid #00458c; border-right: none; border-bottom: 1pt solid #00458c; border-left: 1pt solid #d9e5f1; border-image: initial; white-space: nowrap; background: white; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,724</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-width: 1pt; border-style: solid; border-color: #00458c windowtext; border-image: initial; white-space: nowrap; background: white; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">7%</font></td>









</tr>
<tr style="height: 16px;">
<td height="22" style="height: 16px; padding: 0px 0px 0px 9px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: normal; text-align: left; background: white;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Amortization
  of contractual assets with customers - exclusive rights</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">555</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">607</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-9%</font></td>









</tr>
<tr style="height: 15px;">
<td height="20" style="height: 15px; padding: 0px 0px 0px 9px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: normal; text-align: left; background: white;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Amortization
  of fair value adjustments on associates acquisition</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">n/a</font></td>









</tr>
<tr style="height: 16px;">
<td height="22" style="height: 16px; padding: 0px 0px 0px 9px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; text-align: left; background: white;"><font style="font-family: 'times new roman', times; font-size: 10pt;">MTM of energy futures
  contracts<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(64)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 16px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>









</tr>
<tr style="height: 15px;">
<td height="20" style="height: 15px; padding: 0px; color: #00458c; font-size: 10pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: 1pt solid #00458c; border-right: none; border-bottom: 1pt solid #00458c; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Adjusted EBITDA</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-size: 10pt; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-width: 1pt; border-style: solid; border-color: #00458c #d9e5f1 #00458c windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,610</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: 1pt solid #00458c; border-right: none; border-bottom: 1pt solid #00458c; border-left: 1pt solid #d9e5f1; border-image: initial; white-space: nowrap; background: white; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,332</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-width: 1pt; border-style: solid; border-color: #00458c windowtext; border-image: initial; white-space: nowrap; background: white; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4%</font></td>









</tr>
<tr style="height: 15px;">
<td height="20" style="height: 15px; padding: 0px 0px 0px 9px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: normal; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Ipiranga<font style="font-size: 7pt;"><sup>1</sup></font></font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,445</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,298</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3%</font></td>









</tr>
<tr style="height: 15px;">
<td height="20" style="height: 15px; padding: 0px 0px 0px 9px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: normal; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Ultragaz<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,817</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,648</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10%</font></td>









</tr>
<tr style="height: 15px;">
<td height="20" style="height: 15px; padding: 0px 0px 0px 9px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: normal; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Ultracargo</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">668</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">631</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6%</font></td>









</tr>
<tr style="height: 15px;">
<td height="20" style="height: 15px; padding: 0px 0px 0px 9px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: normal; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Hidrovias<font style="font-size: 7pt;"><sup>2</sup></font></font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(95)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">n/a</font></td>









</tr>
<tr style="height: 15px;">
<td height="20" style="height: 15px; padding: 0px 0px 0px 9px; color: windowtext; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-image: initial; white-space: nowrap; text-align: left; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Holding and other companies<font style="font-size: 7pt;"><sup>1</sup></font></font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 15px; text-align: right;"></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>









</tr>
<tr style="height: 15px;">
<td height="20" style="height: 15px; padding: 0px 0px 0px 27px; color: windowtext; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-image: initial; white-space: nowrap; text-align: left; border-left: 1pt solid #000000;"><font style="height: 15px; padding: 0px 0px 0px 27px; color: windowtext; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-image: initial; white-space: nowrap; text-align: left; border-left: 1pt solid #000000;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Holding</font></font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(195)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(209)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">7%</font></td>









</tr>
<tr style="height: 15px;">
<td height="20" style="height: 15px; padding: 0px 0px 0px 27px; color: windowtext; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-image: initial; white-space: nowrap; text-align: left; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other companies</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(31)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">n/a</font></td>









</tr>
<tr style="height: 15px;">
<td height="20" style="height: 15px; padding: 0px 0px 0px 9px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Extraordinary
  expenses/provisions and post-closing adjustments from the sales of Oxiteno
  and Extrafarma</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">24</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-93%</font></td>









</tr>
<tr style="height: 15px;">
<td height="20" style="height: 15px; padding: 0px 0px 0px 9px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: normal; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Elimination
  of the sale of the Rondon&#243;polis base</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(59)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">n/a</font></td>









</tr>
<tr style="height: 15px;">
<td height="20" style="height: 15px; padding: 0px; color: #000000; font-size: 10pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Non-recurring items that
  affected EBITDA</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 15px; text-align: right;"></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>









</tr>
<tr style="height: 15px;">
<td height="20" style="height: 15px; padding: 0px 0px 0px 9px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(-) Results from disposal of
  assets (Ipiranga)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(168)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(169)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">na</font></td>









</tr>
<tr style="height: 15px;">
<td height="20" style="height: 15px; padding: 0px 0px 0px 9px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(-) Credits and provisions
  (Ipiranga)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(934)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(583)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">60%</font></td>









</tr>
<tr style="height: 15px;">
<td height="20" style="height: 15px; padding: 0px 0px 0px 9px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(-) Earnout Stella (Ultragaz)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(54)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">n/a</font></td>









</tr>
<tr style="height: 15px;">
<td height="20" style="height: 15px; padding: 0px 0px 0px 9px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(-) Credits and provisions
  (Ultragaz)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(76)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">n/a</font></td>









</tr>
<tr style="height: 15px;">
<td height="20" style="height: 15px; padding: 0px 0px 0px 9px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(-) Extraordinary
  expenses/provisions and post-closing adjustments from the sales of Oxiteno
  and Extrafarma</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(24)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">93%</font></td>









</tr>
<tr style="height: 15px;">
<td height="20" style="height: 15px; padding: 0px 0px 0px 9px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(+) Elimination of the sale of
  the Rondon&#243;polis base</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">59</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">n/a</font></td>









</tr>
<tr style="height: 15px;">
<td height="20" style="height: 15px; padding: 0px; color: #00458c; font-size: 10pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: 1pt solid #00458c; border-right: none; border-bottom: 1pt solid #00458c; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Recurring Adjusted EBITDA</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-size: 10pt; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-width: 1pt; border-style: solid; border-color: #00458c #d9e5f1 #00458c windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,377</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: 1pt solid #00458c; border-right: none; border-bottom: 1pt solid #00458c; border-left: 1pt solid #d9e5f1; border-image: initial; white-space: nowrap; background: white; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,615</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-width: 1pt; border-style: solid; border-color: #00458c windowtext; border-image: initial; white-space: nowrap; background: white; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-4%</font></td>









</tr>
<tr style="height: 15px;">
<td height="20" style="height: 15px; padding: 0px 0px 0px 9px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: normal; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Ipiranga<font style="font-size: 7pt;"><sup>1</sup></font></font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,343</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,546</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-6%</font></td>









</tr>
<tr style="height: 15px;">
<td height="20" style="height: 15px; padding: 0px 0px 0px 9px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: normal; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Ultragaz<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,687</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,648</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2%</font></td>









</tr>
<tr style="height: 15px;">
<td height="20" style="height: 15px; padding: 0px 0px 0px 9px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: normal; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Ultracargo</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">668</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">631</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6%</font></td>









</tr>
<tr style="height: 15px;">
<td height="20" style="height: 15px; padding: 0px 0px 0px 9px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: normal; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Hidrovias<font style="font-size: 7pt;"><sup>2</sup></font></font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(95)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">n/a</font></td>









</tr>
<tr style="height: 15px;">
<td height="20" style="height: 15px; padding: 0px 0px 0px 9px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: normal; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Holding
  and other companies<font style="font-size: 7pt;"><sup>1</sup></font></font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 15px; text-align: right;"></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>









</tr>
<tr style="height: 15px;">
<td height="20" style="height: 15px; padding: 0px 0px 0px 27px; color: windowtext; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-image: initial; white-space: nowrap; text-align: left; border-left: 1pt solid #000000;"><font style="height: 15px; padding: 0px 0px 0px 27px; color: windowtext; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-image: initial; white-space: nowrap; text-align: left; border-left: 1pt solid #000000;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Holding</font></font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(195)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(209)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">7%</font></td>









</tr>
<tr style="height: 15px;">
<td height="20" style="height: 15px; padding: 0px 0px 0px 27px; color: windowtext; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; border-top: none; border-right: none; border-bottom: none; border-image: initial; white-space: nowrap; text-align: left; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other companies</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid #d9e5f1; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; background: #d9e5f1; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(31)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border: none; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: 1pt solid windowtext; border-image: initial; white-space: nowrap; height: 15px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">n/a</font></td>









</tr>
<tr style="height: 20px;">
<td height="20" style="height: 20px; padding: 0px 0px 0px 9px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; white-space: nowrap; text-align: left; background: white; border-bottom: 1pt solid #000000; border-left: 1pt solid #000000; border-right: 1pt solid #000000; vertical-align: bottom;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt;">Depreciation and amortization<font style="font-size: 7pt;"><sup>3</sup></font></font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; white-space: nowrap; background: #d9e5f1; height: 20px; text-align: right; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,731</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; white-space: nowrap; height: 20px; text-align: right; border-bottom: 1pt solid #000000; border-right: 1pt solid #000000; vertical-align: bottom;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,754</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; white-space: nowrap; height: 20px; text-align: right; border-bottom: 1pt solid #000000; border-right: 1pt solid #000000; vertical-align: bottom;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt;">-1%</font></td>









</tr>




















</table>
<p style="line-height: 1;"><font style="font-size: 7pt; line-height: inherit;"><sup>1&nbsp;</sup>Balances prior to 2024 restated between the Ipiranga segments and other companies, reflecting the new organizational structure of KMV (formerly Abastece a&#237;).</font></p>
<p style="line-height: 1;"><font style="font-size: 7pt; line-height: inherit;"><sup>2&nbsp;</sup>Values related to the &#8220;share of profit (loss) of subsidiaries, joint ventures and associates&#8221; in Hidrovias.</font></p>
<p style="line-height: 1;"><font style="font-size: 7pt; line-height: inherit;"><sup>3&nbsp;</sup>Includes amortization with contractual assets with customers &#8211; exclusive rights</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; font-family: 'times new roman', times;" class="pageno"><font class='pageno'>104</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;"><font style="font-family: 'times new roman', times;"><a href="#TOC">Table of Contents</a></font></div>






































</div>
<p style="margin: 0px; line-height: 1.2; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #00458c;">2024 MANAGEMENT REPORT</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>
























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</table>
<p style="margin: 0px; line-height: 1.2; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt 0pt 6pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Ultrapar recorded net revenues of R$ 133,499 million (+6% vs. 2023), primarily driven by higher revenues from Ipiranga and Ultragaz. </font><font style="font-size: 10pt; line-height: inherit;">Cost</font><font style="font-size: 10pt; line-height: inherit;"> of goods </font><font style="font-size: 10pt; line-height: inherit;">sold</font><font style="font-size: 10pt; line-height: inherit;"> and services provided totaled R$ 123,812 million (+6% vs. 2023), due to increased costs at Ipiranga and Ultragaz. Gross profit thus amounted to R$ 9,687 million (+4% vs. 2023).</font></font></p>
<p style="margin: 0pt 0pt 6pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Selling, general and administrative expenses totaled R$ 4,372 million (+2% vs. 2023), impacted</font><font style="font-size: 10pt; line-height: inherit;"> mainly</font><font style="font-size: 10pt; line-height: inherit;"> by inflation and </font><font style="font-size: 10pt; line-height: inherit;">collective bargaining agreement</font><font style="font-size: 10pt; line-height: inherit;">.</font></font></p>
<p style="margin: 0pt 0pt 6pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">The other operating </font><font style="font-size: 10pt; line-height: inherit;">results line</font><font style="font-size: 10pt; line-height: inherit;"> recorded a negative R$ 414 million, an improvement of R$ 189 million compared to 2023, mainly due to lower expenses with decarbonization&nbsp;credits</font><font style="font-size: 10pt; line-height: inherit;">&nbsp;at Ipiranga and a decrease of R$ 54 million in the earnout payable due to the Ultragaz&#8217; acquisition of Stella. </font></font></p>
<p style="margin: 0pt 0pt 6pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">The line of result from disposal of assets totaled R$ 172 million (+41% vs. 2023), primarily due to increased </font><font style="font-size: 10pt; line-height: inherit;">sales</font><font style="font-size: 10pt; line-height: inherit;"> of land and other assets by Ipiranga.</font></font></p>
<p style="margin: 0pt 0pt 6pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Ultrapar&#8217;s</font><font style="font-size: 10pt; line-height: inherit;"> Recurring Adjusted EBITDA totaled R$ 5,377 million (-4% vs. 2023), mainly due to lower EBITDA at Ipiranga and the share of profit (loss) of Hidrovias, offset by higher EBITDA at Ultragaz and Ultracargo.</font></font></p>
<p style="margin: 0pt 0pt 6pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total depreciation and amortization costs and expenses were R$ 1,731 million (-1% vs. 2023), due to lower amortization of bonuses at Ipiranga, partially offset by higher investments over the past 12 months. </font></p>
<p style="margin: 0pt 0pt 6pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Ultrapar recorded net financial expenses of R$ 932 million, compared to R$ 999 million in 2023, due to the positive effect of lower net debt costs and the effect of the reduction </font><font style="font-size: 10pt; line-height: inherit;">of subscription</font><font style="font-size: 10pt; line-height: inherit;"> bonus costs, partially offset by the mark-to-market of derivatives.</font></font></p>
<p style="margin: 0pt 0pt 6pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Ultapar&#8217;s</font><font style="font-size: 10pt; line-height: inherit;"> net income totaled R$ 2,526 million, stable compared to 2023.</font></font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Results from the Holding</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;"> a</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">nd other companies </font></font></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Ultrapar recorded a negative result of R$ </font><font style="font-size: 10pt; line-height: inherit;">224</font><font style="font-size: 10pt; line-height: inherit;"> million in 2024 (vs. negative result of R$ 211 million in 2023), comprised of (</font><font style="font-size: 10pt; line-height: inherit;">i</font><font style="font-size: 10pt; line-height: inherit;">) R$ 195 million </font><font style="font-size: 10pt; line-height: inherit;">negative </font><font style="font-size: 10pt; line-height: inherit;">result</font><font style="font-size: 10pt; line-height: inherit;"> from </font><font style="font-size: 10pt; line-height: inherit;">Holding, (ii) R$ 31 million of EBITDA from other companies</font><font style="font-size: 10pt; line-height: inherit;">, and (iii) </font><font style="font-size: 10pt; line-height: inherit;">positive one-off provisions of R$ 2 million related to the </font><font style="font-size: 10pt; line-height: inherit;">divestments</font> <font style="font-size: 10pt; line-height: inherit;">of </font><font style="font-size: 10pt; line-height: inherit;">Oxiteno</font><font style="font-size: 10pt; line-height: inherit;"> and </font><font style="font-size: 10pt; line-height: inherit;">Extrafarma</font><font style="font-size: 10pt; line-height: inherit;">.</font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><br><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Share of Profit (Loss) of Subsidiaries, Joint Ventures and Associates</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;"> for </font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Hidrovias</font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Ultrapar </font><font style="font-size: 10pt; line-height: inherit;">showed</font><font style="font-size: 10pt; line-height: inherit;"> a negative result of R$ 95 million in 2024, related</font><font style="font-size: 10pt; line-height: inherit;"> to </font><font style="font-size: 10pt; line-height: inherit;">Ultrapar&#8217;s</font><font style="font-size: 10pt; line-height: inherit;"> share in the loss reported by Hidrovias</font><font style="font-size: 10pt; line-height: inherit;">, mainly due to the negative impact of the water crisis on operations and higher financial expenses.</font></font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Indebtedness</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Ultrapar ended 2024 with a total net debt of R$ 7,756 million (1.4x Adjusted LTM EBITDA</font><font style="font-size: 6.67pt; vertical-align: super; line-height: inherit;">1</font><font style="font-size: 10pt; line-height: inherit;">) compared to R$ 6,121 million on December 31, 2023 (1.1x Adjusted LTM EBITDA</font><font style="font-size: 6.67pt; vertical-align: super; line-height: inherit;">1</font><font style="font-size: 10pt; line-height: inherit;">). </font><font style="font-size: 10pt; line-height: inherit;">The increase in net debt is mainly due </font><font style="font-size: 10pt; line-height: inherit;">to the R$ 1.8 billion </font><font style="font-size: 10pt; line-height: inherit;">acquisition</font><font style="font-size: 10pt; line-height: inherit;"> in Hidrovias and the </font><font style="font-size: 10pt; line-height: inherit;">share </font><font style="font-size: 10pt; line-height: inherit;">buyback program</font><font style="font-size: 10pt; line-height: inherit;">, partially offset by the receipt of the final installment from the sales of </font><font style="font-size: 10pt; line-height: inherit;">Oxiteno</font> <font style="font-size: 10pt; line-height: inherit;">of </font><font style="font-size: 10pt; line-height: inherit;">R$ 755 million and </font><font style="font-size: 10pt; line-height: inherit;">Extrafarma</font> <font style="font-size: 10pt; line-height: inherit;">of </font><font style="font-size: 10pt; line-height: inherit;">R$ 221 million. The increase in financial leverage reflects the higher net debt and lower EBITDA.</font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 4.67pt; vertical-align: super; line-height: inherit;">1</font> <font style="font-size: 7pt; line-height: inherit;">Adjusted LTM EBITDA does not include closing adjustments from the sale of </font><font style="font-size: 7pt; line-height: inherit;">Extrafarma</font><font style="font-size: 7pt; line-height: inherit;"> and extraordinary tax credits.</font></font></p>
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<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #00458c;">2024 MANAGEMENT REPORT</font></td>
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<p style="line-height: 14pt; margin: 10pt 0pt 6pt; text-indent: 0pt;"><font style="color: #3cbfbe; font-family: 'times new roman', times; font-size: 12pt; font-weight: bold; line-height: inherit;">Investments</font></p>






































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<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 6pt 0pt; break-inside: avoid; text-align: center; line-height: 1.2;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Organic investments by business &#8211; R$ million</font></p>
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<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times;"><font style="font-size: 5pt; line-height: inherit;">&nbsp;</font><font style="font-size: 6pt; line-height: inherit;">Balances prior to 2024 were restated between the segments Ipiranga and other companies, reflecting the new</font></font></p>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times;"><font style="font-size: 6pt; line-height: inherit;">organizational structure of KMV (formerly<font>&nbsp;</font></font><font style="font-size: 6pt; line-height: inherit;">abastece</font><font>&nbsp;</font><font style="font-size: 6pt; line-height: inherit;">a&#237;</font><font style="font-size: 6pt; line-height: inherit;">).</font></font></p>


































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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'times new roman', times;"><font style="font-size: 5pt; line-height: inherit;">&nbsp;&nbsp;</font></font><font style="font-family: 'times new roman', times; font-size: 5pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">In 2024, Ultrapar</font> <font style="font-size: 10pt; line-height: inherit;">invest</font><font style="font-size: 10pt; line-height: inherit;">ed</font><font style="font-size: 10pt; line-height: inherit;"> R$ 2,213 million,</font> <font style="font-size: 10pt; line-height: inherit;">of which R$ 1,304 million (59%) was allocated to business expansion and R$ 909 million to maintenance and other investments. The 14% increase compared to the amount invested in 2023 is mainly explained by higher investments in Ultracargo.</font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Ipiranga invested R$ 1,001 million in 2024, primarily allocated to the expansion and maintenance of service station and franchise networks, logistics infrastructure, and technology platform upgrades. Of the total investments, R$ 259 million </font><font style="font-size: 10pt; line-height: inherit;">refer</font><font style="font-size: 10pt; line-height: inherit;"> to additions to fixed and intangible assets, R$ 632 million to contractual assets with customers (</font><font style="font-size: 10pt; line-height: inherit;">exclusive</font><font style="font-size: 10pt; line-height: inherit;"> rights), and R$ 110 million to installments of financing granted to customers and rent advances, net of receipts.</font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultragaz invested R$ 437 million in 2024, mainly in facilities for new bulk customers, acquisition and replacement of bottles, expansion into new energy sectors, and operational maintenance.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Ultracargo&#8217;s</font><font style="font-size: 10pt; line-height: inherit;"> investments totaled R$ 677 million in 2024, focusing on construction or expansion projects at the terminals in </font><font style="font-size: 10pt; line-height: inherit;">Palmeirante</font><font style="font-size: 10pt; line-height: inherit;">, </font><font style="font-size: 10pt; line-height: inherit;">Opla</font><font style="font-size: 10pt; line-height: inherit;">, </font><font style="font-size: 10pt; line-height: inherit;">Itaqui</font><font style="font-size: 10pt; line-height: inherit;">, Santos, and </font><font style="font-size: 10pt; line-height: inherit;">Rondon&#243;polis</font><font style="font-size: 10pt; line-height: inherit;">, payments for concessions at Vila do Conde and </font><font style="font-size: 10pt; line-height: inherit;">Itaqui</font><font style="font-size: 10pt; line-height: inherit;">, and improvements for operational efficiency, maintenance, and safety at the terminals.</font></font></p>
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<p style="line-height: 14pt; margin: 0pt 0pt 6pt;"><font style="color: #3cbfbe; font-family: 'times new roman', times; font-size: 12pt; font-weight: bold; line-height: inherit;">Relationship with independent auditors</font></p>






































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<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">The Company has a policy </font><font style="font-size: 10pt; line-height: inherit;">for</font><font style="font-size: 10pt; line-height: inherit;"> hiring the services to be provided by independent auditors guaranteeing that there is no conflict of interests, loss of independence or objectivity in the auditing services of the financial statements.</font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Pursuant to CVM Resolution 162/22, we </font><font style="font-size: 10pt; line-height: inherit;">inform</font><font style="font-size: 10pt; line-height: inherit;"> that during the fiscal year 2024, we did not contract our independent auditors to perform work other than the audit of the financial statements.</font></font></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Deloitte started its external audit services for Ultrapar in 2022</font><font style="font-size: 10pt; line-height: inherit;">.</font></font></p>
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<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #00458c; font-weight: bold; line-height: inherit;">S&#227;o Paulo,<font style="line-height: inherit;">&nbsp;</font></font><font style="font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #00458c; font-weight: bold; line-height: inherit;">February</font><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: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #00458c; font-weight: bold; line-height: inherit;">26</font><font style="font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #00458c; font-weight: bold; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>202</font><font style="font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #00458c; font-weight: bold; line-height: inherit;">5</font><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: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="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: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #05289b; line-height: inherit;">&#8211;<font style="line-height: inherit;">&nbsp;</font></font><font style="font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #00458c; font-weight: bold; line-height: inherit;">Ultrapar Participa&#231;&#245;es S.A</font><font style="font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #00458c; font-weight: bold; line-height: inherit;">.</font><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: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>(&#8220;Company&#8221; or &#8220;Ultrapar&#8221;, B3: UGPA3 / NYSE: UGP), operating in energy, mobility, and logistics infrastructure through Ultragaz,&nbsp;<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: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ipiranga,<font>&nbsp;</font></font>Ultracargo and Hidrovias do Brasil (B3: HBSA3, &#8220;Hidrovias&#8221;), today announces its results for the fourth quarter of 2024.</font></font></p>
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<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Net Revenue</font></p>


































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<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Adjusted EBITDA&#185;</font></p>


































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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; font-weight: bold; line-height: inherit;">Recurring Adjusted EBITDA</font><font style="color: #ffffff; font-weight: bold; line-height: inherit;">&#185;</font></font></p>


































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<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Net Income</font></p>


































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<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Cash generation from operations</font></p>


































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<p style="margin: 0pt 5.65pt; text-align: center;"><font style="color: #404040; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">4Q24</font></p>









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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">R$ 35</font><font style="font-weight: bold; line-height: inherit;">.4</font></font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">billion</font></p>


































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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">R$ 2</font><font style="font-weight: bold; line-height: inherit;">.</font><font style="font-weight: bold; line-height: inherit;">4</font></font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">billion</font></p>


































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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">R$ 1</font><font style="font-weight: bold; line-height: inherit;">.</font><font style="font-weight: bold; line-height: inherit;">3</font></font><br><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">billion</font></p>


































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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">R$</font><font style="font-weight: bold; line-height: inherit;"> 881</font></font><br><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">million</font></p>


































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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">R$ 2</font><font style="font-weight: bold; line-height: inherit;">.</font><font style="font-weight: bold; line-height: inherit;">2</font></font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">bil</font><font style="font-weight: bold; line-height: inherit;">lion</font></font></p>


































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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 17.9903%;"><br></td>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


































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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


































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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


































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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


































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<p style="margin: 0pt 5.65pt; text-align: center;"><font style="color: #404040; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2024</font></p>









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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">R$ 133</font><font style="font-weight: bold; line-height: inherit;">.</font><font style="font-weight: bold; line-height: inherit;">5</font></font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">bil</font><font style="font-weight: bold; line-height: inherit;">lion</font></font></p>


































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<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 51px; width: 17.9903%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">R$ 6</font><font style="font-weight: bold; line-height: inherit;">.</font><font style="font-weight: bold; line-height: inherit;">6</font></font><br><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">bil</font><font style="font-weight: bold; line-height: inherit;">lion</font></font></p>


































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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">R$ 5</font><font style="font-weight: bold; line-height: inherit;">.</font><font style="font-weight: bold; line-height: inherit;">4</font></font><br><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">bil</font><font style="font-weight: bold; line-height: inherit;">lion</font></font></p>


































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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">R$ 2</font><font style="font-weight: bold; line-height: inherit;">.</font><font style="font-weight: bold; line-height: inherit;">5</font></font><br><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">bil</font><font style="font-weight: bold; line-height: inherit;">lion</font></font></p>


































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<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 51px; width: 17.9903%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">R$ 3</font><font style="font-weight: bold; line-height: inherit;">.</font><font style="font-weight: bold; line-height: inherit;">7</font></font><br><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">bi</font><font style="font-weight: bold; line-height: inherit;">llion</font></font></p>


































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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #051273; line-height: inherit;">&#185; </font><font style="font-size: 8pt;">Accounting adjustments and non-recurring items described in the EBITDA calculation table &#8211; page 3</font></font></p>
<p style="font-size: 12pt; line-height: 1.2; margin: 6pt 0pt 0pt; text-align: justify;"><font style="color: #3cbfbe; font-family: 'times new roman', times; font-size: 12pt; font-weight: bold; line-height: inherit;">Highlights</font></p>
<ul>
<li style="font-family: Symbol; font-size: 10pt; line-height: 107%; margin: 10pt 0pt 0pt 27.6pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Continuity of good operating results</font> of Ultrapar.</font></li>

































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<ul>
<li style="font-family: Symbol; font-size: 10pt; line-height: 108%; margin: 0pt 0pt 0pt 27.6pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Approval of distribution of <font style="font-weight: bold; line-height: inherit;">dividends of</font> <font style="font-weight: bold; line-height: inherit;">R$ </font><font style="font-weight: bold; line-height: inherit;">493</font><font style="font-weight: bold; line-height: inherit;"> million, equivalent to R$</font><font style="font-weight: bold; line-height: inherit;"> 0,45</font><font style="font-weight: bold; line-height: inherit;"> per share</font>, in complement to the payment of dividends of R$ 276 million in August 2024, totaling R$ 769 million (R$ 0,70/share and dividend yield of 3%).</font></li>

































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<ul>
<li style="font-family: Symbol; font-size: 10pt; line-height: 108%; margin: 0pt 0pt 0pt 27.6pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Extraordinary tax credits and provisions</font>&nbsp;of R$ 1 billion in 4Q24.</font></li>
































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<li style="font-family: Symbol; font-size: 10pt; line-height: 108%; margin: 0pt 0pt 0pt 27.6pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Approval of a<font style="font-weight: bold; line-height: inherit;"> share buyback program for up to 25 million shares.</font></font></li>
































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<li style="font-family: Symbol; font-size: 10pt; line-height: 108%; margin: 0pt 0pt 0pt 27.6pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Signing of an <font style="font-weight: bold; line-height: inherit;">Agreement for Advance for Future Capital Increase</font> <font style="font-weight: bold; line-height: inherit;">(AFAC)</font> with Hidrovias in the amount of R$ 500 million, which was advanced on December 27, 2024.</font></li>
































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<li style="font-family: Symbol; font-size: 10pt; line-height: 108%; margin: 0pt 0pt 0pt 27.6pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Announcement of a partnership between Ultragaz and Supergasbr&#225;s for the <font style="font-weight: bold; line-height: inherit;">construction and operation of a terminal</font> at Pec&#233;m Port (CE) for handling of LPG, subject to the approval of CADE (Administrative Council for Economic Defense).</font></li>
































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<li style="font-family: Symbol; font-size: 10pt; line-height: 108%; margin: 0pt 0pt 0pt 27.6pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Disclosure of the <font style="font-weight: bold; line-height: inherit;">organic investment plan for 2025 of up to R$ 2.5 billion</font>, mainly for the expansion of Ipiranga, Ultragaz and Ultracargo, and for the sustaining and safety of the operating units.</font></li>
































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<li style="font-family: Symbol; font-size: 10pt; line-height: 108%; margin: 0pt 0pt 0pt 27.6pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Update on <font style="font-weight: bold; line-height: inherit;">Ultrapar&#8217;s Succession Plan.</font> The Board of Directors (BoD) will appoint Marcos Lutz to (i) be part of the slate in the election of the board of directors to be held at the 2025 General Meeting of Shareholders; and (ii) assume the position of Chairman of the Board. Following the completion of this process, Rodrigo Pizzinatto will  assume the position of Chief Executive Officer of Ultrapar, and Alexandre Palhares will assume the role of Chief Financial and Investor Relations Officer.&nbsp;</font></li>












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<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #00458c; font-size: 18pt;">4Q24</font></td>
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<p style="line-height: 14pt; margin: 0px; text-align: justify; text-indent: 0px;"><font style="color: #3cbfbe; font-family: 'times new roman', times; font-size: 12pt; font-weight: bold; line-height: inherit;">Message from the Management</font></p>


































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<p style="font-size: 10pt; line-height: 1.2; margin: 6pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif; text-indent: 0px;"><font lang="EN-US" style="font-family: 'times new roman', times; font-size: 10pt;">In 2024,
Ultrapar had another year of significant progress. Despite the volatility and uncertainties,
our three main businesses delivered good operational results. We highlight the
continued growth of Ultragaz and Ultracargo, and the resilience of Ipiranga,
even in an environment of significant unlawful practices in the fuel market.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif; text-indent: 0px;"><font lang="EN-US" style="font-family: 'times new roman', times; font-size: 10pt;">The strong
operational cash generation allowed the Company to maintain its financial
leverage ratio at comfortable levels, even with higher levels of organic
investments for the expansion of existing businesses and the acquisition of a
significant equity stake in Hidrovias do Brasil.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif; text-indent: 0px;"><font lang="EN-US" style="font-family: 'times new roman', times; font-size: 10pt;">We invested
R$ 2.2 billion in 2024, allocating R$ 1.3 billion (59%) for expansion and R$
900 million for the maintenance. We also invested R$ 1.8 billion to acquire a
42% stake in Hidrovias do Brasil, including the resources of the instrument of
advance for future capital increase, our largest capital allocation in a single
asset in the past 10 years, aiming at the long-term value generation potential
of the company. We also acquired a stake in Witzler for R$ 124 million, which
complemented our portfolio of energy solutions at Ultragaz by integrating a
renewable energy trader.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif; text-indent: 0px;"><font lang="EN-US" style="font-family: 'times new roman', times; font-size: 10pt;">We
celebrated 25 years as a publicly traded company by launching our new brand,
reflecting our essence and important attributes that drive us towards the
future. We evolved our governance model by establishing Boards of Directors in
the business, providing greater agility, autonomy, and accountability in each
business, as well as efficiency and influence in performance tracking. These
actions reaffirm and consolidate the Company strategy as a shareholder and
capital allocator focused on long-term value generation and solid governance,
allowing the Ultrapar Board of Directors discussions to focus on capital
allocation, portfolio management, and talent development aligned with our
corporate culture.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif; text-indent: 0px;"><font lang="EN-US" style="font-family: 'times new roman', times; font-size: 10pt;">As part of
our succession plan, we announced the planned transition process for the roles
of Chief Executive Office and Chief Financial and Investor Relations Officer,
set to be concluded in April 2025. </font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif; text-indent: 0px;"><font lang="EN-US" style="font-family: 'times new roman', times; font-size: 10pt;">Additionally,
we advanced in our sustainability journey, a key component of Ultrapar's
strategy and the basis for updating our 2030 ESG plan, which will be completed
in 2025.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif; text-indent: 0px;"><font lang="EN-US" style="font-family: 'times new roman', times; font-size: 10pt;">We ended
2024 with net revenue of R$133 billion, 6% higher than in 2023. We achieved a
recurring EBITDA of R$ 5.4 billion and net income of R$ 2.5 billion, of which
R$ 769 million will be distributed as dividends to shareholders.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif; text-indent: 0px;"><font lang="EN-US" style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; margin: 6pt 0pt; text-align: justify; line-height: inherit; text-indent: 0px;">We announced
our investment plan for 2025, totaling R$ 2.5 billion. The amount allocated for
business expansions is R$ 1.5 billion of the total and includes projects at
Ipiranga, Ultragaz, and Ultracargo. The remaining will be directed to asset
<font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; line-height: inherit;">maintenance, safety, service station upgrades, acquisition of bottles, and
investments in technology, particularly the ERP replacement at Ipiranga.</font></font></p>
<p style="margin: 6pt 0pt;text-align: justify;line-height: 107%;font-size: 11pt;font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 1.2; font-family: Aptos, sans-serif; color: #000000; margin: 6pt 0pt; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; ;color: black;">We entered 2025 in a challenging global environment, marked by
geopolitical tensions, high interest rates, and economic instability. However,
we are prepared to face these challenges and seize opportunities with an
engaged leadership team and strengthened businesses, continuing our growth and
value-creation journey. We thank our customers, suppliers, shareholders and
other stakeholders for the trust and partnership in the continuous evolution of
the Company. In particular, we thank all our employees for their dedication,
commitment and achievements throughout the year.</font></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px auto; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 20px;" width="100%">

<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 50%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Jorge M. T. Camargo</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 50%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Marcos Marinho Lutz</font></p>


































</td>


































</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Chairman of the Board of Directors</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Chief Executive Officer</font></p>


































</td>


































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</table>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><br></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; float: left; font-family: 'times new roman'; font-size: 10pt; height: 10px; width: 100%;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px 4px 15px 0px; vertical-align: top; width: 518.75pt; height: 10px;">
<p style="line-height: 14pt; margin: 0px; text-align: justify; text-indent: 0px;"><font style="color: #3cbfbe; font-family: 'times new roman', times; font-size: 12pt; font-weight: bold; line-height: inherit;">Considerations on the financial and operational information</font></p>


































</td>


































</tr>





































































</table>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The financial information presented in this document were extracted from the financial statements prepared in accordance with accounting practices adopted in Brazil and the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). The result of Hidrovias is accounted for with a two-month delay, impacting Ultrapar&#8217;s result through the &#8220;share of profit (loss) of subsidiaries, joint ventures and associates&#8221; line starting from July 2024. The information on Ipiranga, Ultragaz and Ultracargo is presented without the elimination of intersegment transactions. Therefore, the sum of such information may not correspond to Ultrapar&#8217;s consolidated information. Additionally, the financial and operational information is subject to rounding and, consequently, the total amounts presented in the tables and charts may differ from the direct numerical sum of the amounts that preceded them. </font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Information denominated EBIT (Earnings Before Interest and Taxes on Income and Social Contribution on Net Income), EBITDA (Earnings Before Interests, Taxes on Income and Social Contribution on Net Income, Depreciation and Amortization); Adjusted EBITDA and Recurring Adjusted EBITDA are presented in accordance with Resolution 156, issued by the CVM on June 23, 2022. </font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Adjusted EBITDA considers adjustments from usual business transactions that impact the results but do not have potential cash generation, such as the amortization of contractual assets with customers &#8211; exclusive rights, amortization the fair value adjustments of associates, and the effect of mark-to-market of energy future contracts. Regarding Recurring Adjusted EBITDA, the Company excludes exceptional or non-recurring items, providing a more accurate and consistent view of its operational performance, avoiding distortions caused by exceptional events, whether positive or negative. Below is the calculation of EBITDA from net income:</font></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
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<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>108</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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<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #00458c; font-size: 18pt;">4Q24</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>




















</tr>












































































</table>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt 0pt 0pt; line-height: 1.2; text-align: right; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; color: #00458c;">R$ million</font><br></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse; width: 100%; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 373px; font-family: 'times new roman'; font-size: 10pt;">





<tr style="height: 12px;">
<td rowspan="2" height="62" style="height: 22px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #00458c; margin: 0px; text-indent: 0px; font-size: 10pt; text-align: center; width: 59.985%; border-right-width: 1pt; border-right-style: solid; border-right-color: #8c8b8d;"><font style="font-family: 'times new roman', times; font-size: 9pt;">ULTRAPAR</font></td>
<td colspan="3" style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; background: #00458c; margin: 0px; text-indent: 0px; height: 12px; font-size: 10pt; text-align: center; width: 24.009%; border-top-width: 1pt; border-top-style: solid; border-top-color: #8c8b8d; border-right-width: 1pt; border-right-style: solid; border-right-color: #8c8b8d; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #8c8b8d;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font>Quarter<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td colspan="2" style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #00458c; margin: 0px; text-indent: 0px; height: 12px; font-size: 10pt; text-align: center; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; width: 16.006%; border-top-color: #8d8b8c !important; border-right-color: #8d8b8c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #8c8b8d;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font>Year<font style="mso-spacerun: yes;">&nbsp;</font></font></td>

































 </tr>
<tr style="height: 10px;">
<td height="31" style="height: 10px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; background: #8d8b8c; margin: 0px; text-indent: 0px; font-size: 10pt; text-align: center; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; width: 8.00299%;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font>4Q24<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #8d8b8c; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; text-align: center; width: 8.00299%;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font>4Q23<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #8d8b8c; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; text-align: center; width: 8.00299%; border-right-width: 1pt; border-right-style: solid; border-right-color: #8c8b8d;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font>3Q24<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #8d8b8c; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; text-align: center; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; width: 8.00299%;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font>2024<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #8d8b8c; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; text-align: center; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; width: 8.00299%;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font>2023<font style="mso-spacerun: yes;">&nbsp;</font></font></td>

































 </tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; font-size: 10pt; width: 59.985%; border-top: 1px solid !important; border-bottom: 1px solid !important; border-left: 1px solid !important; border-image: initial !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #8c8b8d;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net income</font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">881 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,114 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-color: #8d8b8c !important; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">698 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,526 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-color: #8c8b8d !important; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,518 </font></td>

































 </tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 0px 0px 9px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; margin: 0px; text-indent: 0px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; width: 59.985%; border-right: 1pt solid #8c8b8d; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(+) Income and social
  contribution taxes</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">776 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">523 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">308 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,486 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,061 </font></td>

































 </tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 0px 0px 9px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; margin: 0px; text-indent: 0px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; width: 59.985%; border-right: 1pt solid #8c8b8d; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(+) Net financial (income)
  expenses</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">335 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">170 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">108 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">932 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">999 </font></td>

































 </tr>
<tr style="height: 10px;">
<td height="31" style="height: 10px; padding: 1px 0px 0px 9px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; margin: 0px; text-indent: 0px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; width: 59.985%; border-right: 1pt solid #8c8b8d; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(+) Depreciation and
  amortization<font style="font-size: 8pt;"><sup>1</sup></font></font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">299 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">318 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">275 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,173 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,146 </font></td>

































 </tr>
<tr style="height: 10px;">
<td height="24" style="height: 10px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; font-size: 10pt; width: 59.985%; border-top: 1px solid !important; border-bottom: 1px solid !important; border-left: 1px solid !important; border-image: initial !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #8c8b8d;"><font style="font-family: 'times new roman', times; font-size: 10pt;">EBITDA</font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,291 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,126 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-color: #8d8b8c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,389 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,117 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,724 </font></td>

































 </tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; margin: 0px; text-indent: 0px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; width: 59.985%; border-left-color: #8c8b8d !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #8c8b8d;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Accounting adjustment</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><br></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>

































 </tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 0px 0px 9px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; margin: 0px; text-indent: 0px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; width: 59.985%; border-right: 1pt solid #8c8b8d; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(+) Amortization of
  contractual assets with customers - exclusive rights</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">152 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">162 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">148 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">555 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">607 </font></td>

































 </tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 0px 0px 9px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; margin: 0px; text-indent: 0px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; width: 59.985%; border-right: 1pt solid #8c8b8d; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(+) Amortization of fair value
  adjustments on associates acquisition</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">0 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>-</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">0 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>-</font></td>

































 </tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 0px 0px 9px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; margin: 0px; text-indent: 0px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; width: 59.985%; border-right: 1pt solid #8c8b8d; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(+) MTM of energy futures
  contracts<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(64)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>-</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>-</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(64)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>-</font></td>

































 </tr>
<tr style="height: 10px;">
<td height="8" style="height: 10px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; margin: 0px; text-indent: 0px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; width: 59.985%; border-left-color: #8c8b8d !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #8c8b8d;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 0px; color: #000000; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 0px; color: #000000; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"></td>
<td style="padding: 1px 4px 0px 0px; color: #000000; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 0px; color: #000000; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 0px; color: #000000; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>

































 </tr>
<tr style="height: 10px;">
<td height="24" style="height: 10px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; font-size: 10pt; width: 59.985%; border-top: 1px solid !important; border-bottom: 1px solid !important; border-left: 1px solid !important; border-image: initial !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #8c8b8d;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Adjusted
  EBITDA</font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,379 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,287 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-color: #8d8b8c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,537 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,610 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,332 </font></td>

































 </tr>
<tr style="height: 10px;">
<td height="24" style="height: 10px; padding: 1px 0px 0px 9px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; margin: 0px; text-indent: 0px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; width: 59.985%; border-right: 1pt solid #8c8b8d; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Ipiranga<font style="font-size: 8pt;"><sup>2</sup></font></font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,841 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,757 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">967 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,445 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,298 </font></td>

































 </tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 0px 0px 9px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; margin: 0px; text-indent: 0px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; width: 59.985%; border-right: 1pt solid #8c8b8d; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Ultragaz<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">554 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">406 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">448 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,817 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,648 </font></td>

































 </tr>
<tr style="height: 11px;">
<td height="28" style="height: 11px; padding: 1px 0px 0px 9px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; margin: 0px; text-indent: 0px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; width: 59.985%; border-right: 1pt solid #8c8b8d; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Ultracargo</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 11px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">169 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 11px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">155 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 11px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">168 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 11px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">668 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 11px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">631 </font></td>

































 </tr>
<tr style="height: 10px;">
<td height="31" style="height: 10px; padding: 1px 0px 0px 9px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; margin: 0px; text-indent: 0px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; width: 59.985%; border-right: 1pt solid #8c8b8d; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Hidrovias<font style="font-size: 8pt;"><sup>3</sup></font></font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(104)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>-</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">9 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(95)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>-</font></td>

































 </tr>
<tr style="height: 10px;">
<td height="31" style="height: 10px; padding: 1px 0px 0px 9px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; margin: 0px; text-indent: 0px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; width: 59.985%; border-right: 1pt solid #8c8b8d; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Holding and other companies<font style="font-size: 8pt;"><sup>2</sup></font></font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><br></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><br></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; width: 8.00299%; text-align: right;"><br></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><br></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><br></td>

































 </tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 0px 0px 9px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; margin: 0px; text-indent: 0px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; width: 59.985%; border-right: 1pt solid #8c8b8d; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Holding</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(50)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(53)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(52)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(195)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(209)</font></td>

































 </tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 0px 0px 9px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; margin: 0px; text-indent: 0px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; width: 59.985%; border-right: 1pt solid #8c8b8d; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other companies</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(17)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;</font>(2)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(4)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(31)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1)</font></td>

































 </tr>
<tr style="height: 10px;">
<td height="56" style="height: 10px; padding: 1px 0px 0px 9px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: normal; margin: 0px; text-indent: 0px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; width: 59.985%; border-right: 1pt solid #8c8b8d; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Extraordinary
  expenses/provisions and post-closing adjustments from the sales of Oxiteno
  and Extrafarma</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(14)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;"><font style="font-size: 10pt; color: windowtext;">24</font><br></font></font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>-</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">24 </font></td>

































 </tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 0px 0px 9px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: normal; margin: 0px; text-indent: 0px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; width: 59.985%; border-right: 1pt solid #8c8b8d; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Elimination
  of the sale of the Rondon&#243;polis base</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>-</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>-</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>-</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(59)</font></td>

































 </tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; margin: 0px; text-indent: 0px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; width: 59.985%; border-left-color: #8c8b8d !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #8c8b8d;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Non-recurring items that
  affected EBITDA</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><br></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>

































 </tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 0px 0px 9px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; margin: 0px; text-indent: 0px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; width: 59.985%; border-right: 1pt solid #8c8b8d; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(-) Results from disposal of
  assets (Ipiranga)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(63)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(14)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(31)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(168)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(169)</font></td>

































 </tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 0px 0px 9px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; margin: 0px; text-indent: 0px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; width: 59.985%; border-right: 1pt solid #8c8b8d; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(-) Credits and provisions
  (Ipiranga)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(934)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(583)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>-</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(934)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(583)</font></td>

































 </tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 0px 0px 9px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; margin: 0px; text-indent: 0px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; width: 59.985%; border-right: 1pt solid #8c8b8d; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(-) Earnout Stella (Ultragaz)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(37)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>-</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>-</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(54)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>-</font></td>

































 </tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 0px 0px 9px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; margin: 0px; text-indent: 0px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; width: 59.985%; border-right: 1pt solid #8c8b8d; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(-) Credits and provisions
  (Ultragaz)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(76)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>-</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>-</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(76)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>-</font></td>

































 </tr>
<tr style="height: 10px;">
<td height="56" style="height: 10px; padding: 1px 0px 0px 9px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: normal; margin: 0px; text-indent: 0px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; width: 59.985%; border-right: 1pt solid #8c8b8d; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(-)
  Extraordinary expenses/provisions and post-closing adjustments from the sales
  of Oxiteno and Extrafarma</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">14 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(24)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>-</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(24)</font></td>

































 </tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 0px 0px 9px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: normal; margin: 0px; text-indent: 0px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; width: 59.985%; border-right: 1pt solid #8c8b8d; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(+)
  Elimination of the sale of the Rondon&#243;polis base</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>-<font style="mso-spacerun: yes;">&nbsp;&nbsp; </font></font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>-</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>-<font style="mso-spacerun: yes;">&nbsp;&nbsp; </font></font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">59 </font></td>

































 </tr>
<tr style="height: 10px;">
<td height="24" style="height: 10px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; font-size: 10pt; width: 59.985%; border-top: 1px solid !important; border-bottom: 1px solid !important; border-left: 1px solid !important; border-image: initial !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #8c8b8d;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Recurring
  Adjusted EBITDA</font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;"><font style="font-size: 10pt;">1,284</font><br></font></font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,666 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-color: #8d8b8c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,506 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,377 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,615 </font></td>

































 </tr>
<tr style="height: 10px;">
<td height="25" style="height: 10px; padding: 1px 0px 0px 9px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; margin: 0px; text-indent: 0px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; width: 59.985%; border-right: 1pt solid #8c8b8d; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Ipiranga<font style="font-size: 8pt;"><sup>2</sup></font></font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">844 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,160 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">936 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,343 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,546 </font></td>

































 </tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 0px 0px 9px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; margin: 0px; text-indent: 0px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; width: 59.985%; border-right: 1pt solid #8c8b8d; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Ultragaz</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">441 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">406 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">448 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,687 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,648 </font></td>

































 </tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 0px 0px 9px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; margin: 0px; text-indent: 0px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; width: 59.985%; border-right: 1pt solid #8c8b8d; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Ultracargo</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">169 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">155 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">168 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">668 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">631 </font></td>

































 </tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 0px 0px 9px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; margin: 0px; text-indent: 0px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; width: 59.985%; border-right: 1pt solid #8c8b8d; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Hidrovias<font style="font-size: 8pt;"><sup>3</sup></font></font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(104)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>-</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">9 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(95)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>-</font></td>

































 </tr>
<tr style="height: 10px;">
<td height="29" style="height: 10px; padding: 1px 0px 0px 9px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; margin: 0px; text-indent: 0px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; width: 59.985%; border-right: 1pt solid #8c8b8d; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Holding and other companies<font style="font-size: 8pt;"><sup>2</sup></font></font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><br></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><br></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; width: 8.00299%; text-align: right;"><br></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><br></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><br></td>

































 </tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 0px 0px 27px; color: windowtext; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; margin: 0px; text-indent: 0px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; width: 59.985%; border-right: 1pt solid #8c8b8d; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Holding</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(50)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(53)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(52)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(195)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(209)</font></td>

































 </tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 0px 0px 27px; color: windowtext; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; margin: 0px; text-indent: 0px; font-size: 10pt; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; width: 59.985%; border-right: 1pt solid #8c8b8d; border-bottom-color: #8c8b8d !important; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other companies</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(17)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #8c8b8d !important; border-right-color: #8d8b8c !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(4)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(31)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; font-size: 10pt; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #8c8b8d !important; border-right-color: #8c8b8d !important; width: 8.00299%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1)</font></td>

































 </tr>



































































</table>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-size: 8pt;"><sup>1</sup>Includes amortization with contractual assets with customers &#8211; exclusive rights</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-size: 8pt;"><sup>2</sup>Balances prior to 2024 restated between the Ipiranga segments and other companies, reflecting the new organizational structure of KMV (formerly abastece a&#237;).</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-size: 8pt;"><sup>3</sup>Values related to the &#8220;share of profit (loss) of subsidiaries, joint ventures and associates&#8221; in Hidrovias.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-size: 8pt;"><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'>109</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>
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #00458c; font-size: 18pt;">4Q24</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>




















</tr>












































































</table>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 4pt; text-indent: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">R$ million</font></font></p>
<table cellspacing="0" cellpadding="0" style="height: 162px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 12px;">
<td rowspan="2" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 22px; border-left-width: 1pt; border-left-style: solid; border-left-color: #8c8b8d;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">ULTRAPAR</font></p>


































</td>
<td colspan="6" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 12px; border-top-width: 1px; border-top-style: solid; border-top-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #8c8b8d;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Quarter</font></p>


































</td>
<td colspan="5" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 12px; border-top-width: 1px; border-top-style: solid; border-top-color: #8d8b8c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Year</font></p>


































</td>


































</tr>
<tr style="height: 10px;">
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">4</font><font style="color: #ffffff; line-height: inherit;">Q</font><font style="color: #ffffff; line-height: inherit;">24</font></font></p>


































</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">4</font><font style="color: #ffffff; line-height: inherit;">Q</font><font style="color: #ffffff; line-height: inherit;">23</font></font></p>


































</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">3</font><font style="color: #ffffff; line-height: inherit;">Q</font><font style="color: #ffffff; line-height: inherit;">24</font></font></p>


































</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">4</font><font style="color: #ffffff; line-height: inherit;">Q</font><font style="color: #ffffff; line-height: inherit;">24 x </font><font style="color: #ffffff; line-height: inherit;">4</font><font style="color: #ffffff; line-height: inherit;">Q</font><font style="color: #ffffff; line-height: inherit;">23</font></font></p>


































</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">4</font><font style="color: #ffffff; line-height: inherit;">Q</font><font style="color: #ffffff; line-height: inherit;">24 x </font><font style="color: #ffffff; line-height: inherit;">3</font><font style="color: #ffffff; line-height: inherit;">Q</font><font style="color: #ffffff; line-height: inherit;">24</font></font></p>


































</td>
<td colspan="2" style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">20</font><font style="color: #ffffff; line-height: inherit;">24</font></font></p>


































</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">20</font><font style="color: #ffffff; line-height: inherit;">23</font></font></p>


































</td>
<td colspan="3" style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">20</font><font style="color: #ffffff; line-height: inherit;">24 x </font><font style="color: #ffffff; line-height: inherit;">20</font><font style="color: #ffffff; line-height: inherit;">23</font></font></p>


































</td>


































</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 36%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #8c8b8d;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net revenues</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #8c8b8d;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">35</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">401</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">33</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">421</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #8c8b8d;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">35</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">358</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6%</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #8c8b8d;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0%</font></p>


































</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">133</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">499</font></font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #8c8b8d;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">126</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">049</font></font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #8c8b8d;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6%</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Adjusted EBITDA</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">2</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">379</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">2</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">287</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">1</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">537</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4%</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">55%</font></p>


































</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">6</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">610</font></font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">6</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">332</font></font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4%</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Recurring Adjusted EBITDA<font style="font-size: 8pt;"><sup>1</sup></font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">284</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">1</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">666</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">1</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">506</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-23%</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-15%</font></p>


































</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">5</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">377</font></font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">5</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">615</font></font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-4%</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Depreciation and amortization<font style="font-size: 8pt;"><sup>2</sup></font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">(</font><font style="color: #262626; line-height: inherit;">452</font><font style="color: #262626; line-height: inherit;">)</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">(</font><font style="color: #262626; line-height: inherit;">480</font><font style="color: #262626; line-height: inherit;">)</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">(</font><font style="color: #262626; line-height: inherit;">423</font><font style="color: #262626; line-height: inherit;">)</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6%</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">-</font><font style="color: #262626; line-height: inherit;">7%</font></font></p>


































</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">(</font><font style="color: #262626; line-height: inherit;">1</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">731</font><font style="color: #262626; line-height: inherit;">)</font></font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">(</font><font style="color: #262626; line-height: inherit;">1</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">754</font><font style="color: #262626; line-height: inherit;">)</font></font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1%</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial result</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(335)</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(170)</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(108)</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">-</font><font style="color: #262626; line-height: inherit;">97%</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">-</font><font style="color: #262626; line-height: inherit;">210%</font></font></p>


































</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(932)</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(999)</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7%</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #8d8b8c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Net income</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">881</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">1</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">114</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">698</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-21%</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">26%</font></p>


































</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">2</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">526</font></font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">2</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">518</font></font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0%</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">776</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">820</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">519</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-5%</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50%</font></p>


































</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">2</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">213</font></font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">1</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">949</font></font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14%</font></p>


































</td>


































</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Cash flow from operating activities</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,231</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">1</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">761</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">780</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">2</font><font style="color: #00458c; line-height: inherit;">7</font><font style="color: #00458c; line-height: inherit;">%</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">1</font><font style="color: #00458c; line-height: inherit;">86</font><font style="color: #00458c; line-height: inherit;">%</font></font></p>


































</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">3</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">7</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">36</font></font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,850</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">-</font><font style="color: #00458c; line-height: inherit;">3</font><font style="color: #00458c; line-height: inherit;">%</font></font></p>


































</td>


































</tr>
<tr style="height: 30px;">
<td colspan="11" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 30px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#185; Non-recurring items described in the EBITDA calculation table &#8211; page 3</font></p>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#178; Includes amortization of contractual assets with customers &#8211; exclusive rights and amortization of fair value adjustments on associates acquisition</font></p>


































</td>
<td style="vertical-align: top; height: 30px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important;"></td>


































</tr>





































































</table>
<p style="font-size: 7pt; line-height: 1.2; margin: 0pt; text-align: justify;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Net revenues </font><font style="color: #00458c; line-height: inherit;">&#8211; </font>Total of R$ 35,401 million (+6% vs. 4Q23), mainly driven by higher revenues from Ipiranga and Ultragaz. Compared to 3Q24, net revenue remained stable. In 2024, net revenues totaled R$ 133,499 million, a 6% increase compared to 2023.</font></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 0pt 0pt 6pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Recurring Adjusted EBITDA &#8211; </font>Total of R$ 1,284 million (-23% vs. 4Q23 and -15% vs. 3Q24), primarily due to lower EBITDA from Ipiranga and the impact of share of loss of Hidrovias. In 2024, Recurring Adjusted EBITDA totaled R$ 5,377 million, 4% lower than in 2023.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 6pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Results from the Holding</font><font style="color: #00458c; font-weight: bold; line-height: inherit;"> a</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">nd other companies &#8211;</font> Negative result of R$ 81 million, driven by (i) R$ 50 million from the Holding expenses,(ii) a negative result of  R$ 17 million from other companies, mainly due to the worse performance of Refinaria Riograndense, and (iii) one-ff provisions of R$ 14 million related to the sale of Oxiteno and Extrafarma. In 2024, the result was negative R$ 224 million, driven by (i) R$ 195 million in Holding expenses (ii) negative result of R$ 31 million from other companies, and (iii) positive one-off provisions of R$ 2 million related to the sale of Oxiteno and Extrafarma.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 6pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Share of Profit (Loss) of Subsidiaries, Joint Ventures and Associates</font><font style="color: #00458c; font-weight: bold; line-height: inherit;"> for </font><font style="color: #00458c; font-weight: bold; line-height: inherit;">Hidrovias -</font> Negative result of R$ 104 million in 4Q24, equivalent to Ultrapar&#8217;s share in the results of Hidrovias, mainly due to due to the negative impact of the low water levels and higher financial expenses</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 6pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Depreciation and amortization &#8211;</font> Total of R$ 452 million, a 6% decrease compared to 4Q23, mainly due to a one-off adjustment related to a change in the bonus methodology in 4Q23. Compared to 3Q24, there was a 7% increase due to higher depreciation and amortization expenses at Ultragaz. In 2024, depreciation and amortization expenses totaled R$ 1,731 million, 1% lower than in 2023.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Financial result &#8211;</font> Ultrapar recorded net financial expenses of R$ 335 million in 4Q24 (worsening by R$ 165 million vs. 4Q23 and R$&nbsp;227 million vs. 3Q24), mainly reflecting the one-off negative mark-to-market effect of R$ 131 million this quarter. In 2024, net financial expenses amounted to R$ 932 million, an improvement of R$ 67 million compared to 2023, despite the one-off negative impact of R$ 142 million during the year, due to the lower CDI rate and lower average net debt.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 6pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Net income &#8211;</font> Total of R$ 881 million (-21% vs. 4Q23), due to higher net financial expenses and the reversal of R$ 124 million in deferred income tax related to KMV, due to a lower expectation of realization over the next five years. These effects were partially offset by extraordinary tax credits registered in 4Q24. Compared to 3Q24, net income increased by 26%, driven by the effect of extraordinary tax credits, partially offset by higher net financial expenses and deferred income tax. In 2024, net income totaled R$&nbsp;2,526 million, stable compared to 2023.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 6pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Cash flow from operating activities - </font>Operating cash generation of R$ 3,736 million in 2024, compared to R$ 3,850 million in 2023, due to higher investment in working capital, driven by a lower imported product mix.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><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'>110</font></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>
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #00458c; font-size: 18pt;">4Q24</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>




















</tr>












































































</table>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 4pt; text-align: right; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">R$ million</font></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 188px; width: 100%;" width="100%">

<tr style="height: 18px;">
<td rowspan="2" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 28px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">IPIRANGA</font></p>


































</td>
<td colspan="6" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Quarter</font></p>


































</td>
<td colspan="3" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #8d8b8c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Year</font></p>


































</td>


































</tr>
<tr style="height: 10px;">
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">4</font><font style="color: #ffffff; line-height: inherit;">Q24</font></font></p>


































</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">4</font><font style="color: #ffffff; line-height: inherit;">Q23</font></font></p>


































</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">3</font><font style="color: #ffffff; line-height: inherit;">Q24</font></font></p>


































</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">4</font><font style="color: #ffffff; line-height: inherit;">Q24 x </font><font style="color: #ffffff; line-height: inherit;">4</font><font style="color: #ffffff; line-height: inherit;">Q23</font></font></p>


































</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">4</font><font style="color: #ffffff; line-height: inherit;">Q24 x </font><font style="color: #ffffff; line-height: inherit;">3</font><font style="color: #ffffff; line-height: inherit;">Q24</font></font></p>


































</td>
<td colspan="2" style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">20</font><font style="color: #ffffff; line-height: inherit;">24</font></font></p>


































</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">20</font><font style="color: #ffffff; line-height: inherit;">23</font></font></p>


































</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">20</font><font style="color: #ffffff; line-height: inherit;">24 x </font><font style="color: #ffffff; line-height: inherit;">20</font><font style="color: #ffffff; line-height: inherit;">23</font></font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; width: 36%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Total volume</font> <font style="color: #00458c; font-weight: bold; line-height: inherit;">(</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">&#8216;</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">000 m&#179;)</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">6</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">013</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">6</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">099</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">6</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">123</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-1%</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-2%</font></p>


































</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">23</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">570</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">23</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">105</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2%</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Diesel</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d9e5f1 !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">2</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">974</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">3</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">162</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">3</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">283</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-6%</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">-</font><font style="color: #262626; line-height: inherit;">9</font><font style="color: #262626; line-height: inherit;">%</font></font></p>


































</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">12</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">023</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">12</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">093</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-1%</font></p>


































</td>


































</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">Otto</font><font style="color: #262626; line-height: inherit;"> cycle</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #d9e5f1 !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">2</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">941</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">2</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">851</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">2</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">735</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3%</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8%</font></p>


































</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">11</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">148</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">10</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">656</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5%</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">O</font><font style="color: #262626; line-height: inherit;">thers<font style="font-size: 8pt;"><sup>1</sup></font></font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">99</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">86</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">105</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15%</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-6%</font></p>


































</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">399</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">356</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12%</font></p>


































</td>


































</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Adjusted </font><font style="color: #00458c; font-weight: bold; line-height: inherit;">EBITDA</font> <font style="color: #00458c; font-weight: bold; line-height: inherit;">(R$ million)</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">84</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">1</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">1</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">757</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">967</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5%</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">90%</font></p>


































</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">4</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">44</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">5</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">4</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">298</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3%</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">Adjusted EBITDA margin </font><font style="color: #262626; font-style: italic; line-height: inherit;">(R$/m&#179;)</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">306</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">288</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">158</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">6%</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">94%</font></p>


































</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">189</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">186</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">1%</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">N</font><font style="color: #262626; line-height: inherit;">on-recurring</font><font style="color: #262626; line-height: inherit;">&#178;</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">997</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">597</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">31</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">67%</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">n/a</font></p>


































</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">1</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">101</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">752</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">46%</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Recurring Adjusted </font><font style="color: #00458c; font-weight: bold; line-height: inherit;">EBITDA</font> <font style="color: #00458c; font-weight: bold; line-height: inherit;">(R$ million)</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">84</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">4</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">1</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">160</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">936</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-27%</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-10%</font></p>


































</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">3</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">34</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">3</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">3</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">546</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-6%</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">Recurring Adjusted EBITDA margin </font><font style="color: #262626; font-style: italic; line-height: inherit;">(R$/m&#179;)</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">140</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">190</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">153</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">-26%</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">-8%</font></p>


































</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">142</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">153</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">-8%</font></p>


































</td>


































</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Recurring Adjusted LTM </font><font style="color: #00458c; font-weight: bold; line-height: inherit;">EBITDA&nbsp;</font></font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">(R$ </font><font style="color: #00458c; font-weight: bold; line-height: inherit;">million)&#179;</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">3</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">34</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">3</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">3</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">546</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">3</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">660</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-6%</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-9%</font></p>


































</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">Recurring Adjusted LTM EBITDA margin </font><font style="color: #262626; font-style: italic; line-height: inherit;">(R$/m&#179;)</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">142</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">153</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">155</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">-8%</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">-8%</font></p>


































</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&nbsp;</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&nbsp;</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&nbsp;</font></p>


































</td>


































</tr>
<tr style="height: 10px;">
<td colspan="10" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#185; Fuel oils, arla 32, kerosene, lubricants and greases </font></p>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#178; Non-recurring items described in the EBITDA calculation table &#8211; page 3</font></p>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


































</td>


































</tr>





































































</table>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Operational performance &#8211;</font> Ipiranga&#8217;s sales volume decreased by 1% compared to 4Q23, with a 6% decline in diesel, mainly in the spot market, partially offset by a 3% increase in the Otto cycle, with a greater share of ethanol in the product mix. Compared to 3Q24, the volume was 2% lower, mainly due to a 9% drop in diesel, partially offset by an 8% increase in the Otto cycle. In 2024, sales volume totaled 23,570 thousand m&#179;, 2% higher than in 2023.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Net revenues &#8211;</font> Total of R$ 32,097 million (+5% vs. 4Q23), mainly due to the pass through of fuel costs increases.&nbsp; Compared to 3Q24, net revenue remained stable. In 2024, net revenues amounted to R$ 121,336 million, a 6% increase compared to 2023.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Cost of goods sold &#8211;</font> Total of R$ 29,789 million (+5% vs. 4Q23), mainly due to higher fuel costs, partially offset by increased recognition of extraordinary tax credits. Compared to 3Q24, costs decreased by 3%, mainly due to the positive effect of extraordinary tax credits, offset by higher biodiesel costs (15% increase in the period). In 2024, cost of goods sold totaled R$ 114,730 million, 6% higher than in 2023.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Selling, general and administrative expenses &#8211;</font>&nbsp;<font lang="EN-US" style="font-family: 'times new roman', times; font-size: 10pt;">Total of R$ 729
million (-13% vs. 4Q23), due to lower personnel expenses and one-off expenses
related to the conclusion of the service station cleaning process of the legacy
network and marketing expenses in 4Q23. Compared to 3Q24, selling, general and
administrative expenses decreased by 3%, due to lower expenses with allowance
for expected credit losses and personnel expenses. In 2024, SG&amp;A totaled R$
3,019 million, a 3% increase over 2023.


</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Other operating results &#8211;</font>&nbsp;<font lang="EN-US" style="font-family: 'times new roman', times; font-size: 10pt;">Total of negative R$114 million (improvement of
R$16 million vs 4Q23 and R$9 million compared to 3Q24), mainly due to lower
expenses with decarbonization credits. In 2024, the total amounted to a
negative R$ 513 million, an improvement of R$&nbsp;145 million compared to 2023.


</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;">Result from disposal of assets &#8211;&nbsp;<font lang="EN-US" style="font-family: 'times new roman', times; font-size: 10pt; ;font-weight: normal; ;color: black;">Total of R$63 million, an increase of R$49
million compared to 4Q23 and R$ 32 million compared to 3Q24, reflecting mainly
the higher sale of real estate assets.


</font></font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><font style="color: #00458c; font-weight: bold; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;">Recurring Adjusted EBITDA </font><font style="color: #000000;"><font style="font-weight: bold; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: normal;">&#8211;</font></font><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: normal;">&nbsp;<font lang="EN-US">Total of R$ 844 million (-27% vs. 4Q23 and -10%
vs. 3Q24), mainly impacted by lower margins </font><font lang="EN-US">(affected by unlawful practices in the sector and
higher inventory levels)</font><font lang="EN-US">, as well as a reduction in sales volume,
partially offset by lower expenses. In 2024, Recurring Adjusted EBITDA totaled
R$ 3,343 million, a 6% decrease compared to 2023, mainly due to unlawful
practices in the sector</font> <font lang="EN-US">throughout the year.</font>


</font></font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><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'>111</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>
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #00458c; font-size: 18pt;">4Q24</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>




















</tr>












































































</table>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 4pt; text-align: right; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">R$ million</font></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 200px; width: 100%;" width="100%">

<tr style="height: 18px;">
<td rowspan="2" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 28px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #808080 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; font-weight: bold; line-height: inherit;">UL</font><font style="color: #ffffff; font-weight: bold; line-height: inherit;">TRAGAZ</font></font></p>


































</td>
<td colspan="5" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #8d8b8c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Quarter</font></p>


































</td>
<td colspan="4" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #8d8b8c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Year</font></p>


































</td>


































</tr>
<tr style="height: 10px;">
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">4</font><font style="color: #ffffff; line-height: inherit;">Q24</font></font></p>


































</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">4</font><font style="color: #ffffff; line-height: inherit;">Q23</font></font></p>


































</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">3</font><font style="color: #ffffff; line-height: inherit;">Q24</font></font></p>


































</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">4</font><font style="color: #ffffff; line-height: inherit;">Q24 x </font><font style="color: #ffffff; line-height: inherit;">4</font><font style="color: #ffffff; line-height: inherit;">Q23</font></font></p>


































</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">4</font><font style="color: #ffffff; line-height: inherit;">Q24 x </font><font style="color: #ffffff; line-height: inherit;">3</font><font style="color: #ffffff; line-height: inherit;">Q24</font></font></p>


































</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">20</font><font style="color: #ffffff; line-height: inherit;">24</font></font></p>


































</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">20</font><font style="color: #ffffff; line-height: inherit;">23</font></font></p>


































</td>
<td colspan="2" style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">20</font><font style="color: #ffffff; line-height: inherit;">24 x </font><font style="color: #ffffff; line-height: inherit;">20</font><font style="color: #ffffff; line-height: inherit;">23</font></font></p>


































</td>


































</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 36%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">T</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">otal</font><font style="color: #00458c; font-weight: bold; line-height: inherit;"> volume</font><font style="color: #00458c; font-weight: bold; line-height: inherit;"> (</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">k</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">ton)</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">435</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">423</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">473</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3%</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-8%</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">747</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">1</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">738</font></font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 8%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1%</font></p>


































</td>


































</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Bottled</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">282</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">275</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">297</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3%</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-5%</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">1</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">113</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">1</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">122</font></font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-1%</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Bulk</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">154</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">148</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">175</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4%</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-12%</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">633</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">616</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3%</font></p>


































</td>


































</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Adjusted </font><font style="color: #00458c; font-weight: bold; line-height: inherit;">EBITDA<font style="font-size: 8pt;"><sup>1</sup></font></font>&nbsp;<font style="color: #00458c; font-weight: bold; line-height: inherit;">(R$ million)</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">554</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">406</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">448</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">36%</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">24%</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">817</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">1</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">648</font></font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10%</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">Adjusted EBITDA margin </font><font style="color: #262626; font-style: italic; line-height: inherit;">(R$/ton)</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">1</font><font style="color: #262626; font-style: italic; line-height: inherit;">,</font><font style="color: #262626; font-style: italic; line-height: inherit;">272</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">960</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">948</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">32%</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">34%</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">1</font><font style="color: #262626; font-style: italic; line-height: inherit;">,</font><font style="color: #262626; font-style: italic; line-height: inherit;">040</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">948</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">10%</font></p>


































</td>


































</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">N</font><font style="color: #262626; line-height: inherit;">on-recurring<font style="font-size: 8pt;"><sup>2</sup></font></font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">113</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">n/a</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">n/a</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">130</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">n/a</font></p>


































</td>


































</tr>
<tr style="height: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Recurring Adjusted </font><font style="line-height: inherit;"><font color="#00458c"><b>EBITDA</b></font><font style="font-size: 8pt;"><sup><font color="#00458c"><b>1</b></font>&nbsp;</sup></font></font><font style="color: #00458c; font-weight: bold; line-height: inherit;">(R$ million)</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">441</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">406</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">448</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9%</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-2%</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">687</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">1</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">648</font></font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2%</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">Recurring Adjusted EBITDA margin </font><font style="color: #262626; font-style: italic; line-height: inherit;">(R$/ton)</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-style: italic; line-height: inherit;">1</font><font style="font-style: italic; line-height: inherit;">,</font><font style="font-style: italic; line-height: inherit;">014</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">960</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">948</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">6%</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">7%</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">966</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">948</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">2%</font></p>


































</td>


































</tr>
<tr style="height: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Recurring Adjusted </font><font style="color: #00458c; font-weight: bold; line-height: inherit;">LTM </font><font style="color: #00458c; font-weight: bold; line-height: inherit;">EBITDA<font style="font-size: 8pt;"><sup>1&nbsp;</sup></font></font><font style="color: #00458c; font-weight: bold; line-height: inherit;">(R$ million)</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">687</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">1</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">648</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">1</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">652</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2%</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2%</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">Recurring Adjusted LTM EBITDA margin&#178; </font><font style="color: #262626; font-style: italic; line-height: inherit;">(R$/ton)</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">966</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">948</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">953</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">2%</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">1%</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&nbsp;</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&nbsp;</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&nbsp;</font></p>


































</td>


































</tr>
<tr style="height: 32px;">
<td colspan="9" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 32px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#185; Includes contribution from the result of new energies </font></p>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#178; Non-recurring items described in the EBITDA calculation table &#8211; page 3</font></p>


































</td>
<td style="vertical-align: top; height: 32px; border-top-width: 1px; border-top-style: solid; border-top-color: #8d8b8c !important;"></td>


































</tr>





































































</table>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Operational performance &#8211;</font> The volume sold by Ultragaz in 4Q24 increased by 3% compared to 4Q23, as a result of a 4% increase in sales of bulk LPG, mainly due to higher sales to industries, as well as a 3% increase in sales of bottled LPG, driver by higher market demand. Compared to 3Q24, sales volume was 8% lower, reflecting the typical seasonality between the periods. In 2024, sales volume reached 1,747 thousand tons, a 1% increase compared to 2023.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Net revenues</font> &#8211; Total of R$ 3,068 million (+20% vs. 4Q23), mainly due to the pass through of increased costs and higher sales volume. Compared to 3Q24, net revenues increased by 1%. In 2024, net revenues amounted to R$ 11,288 million, 6% higher than in 2023.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Cost of goods sold</font> &#8211; Total of R$ 2,321 million (+15% vs. 4Q23), due to LPG cost increase, higher sales volume, and higher personnel expenses, partially offset by the recognition of extraordinary tax credits and the effect of mark-to-market of energy futures contracts, which totaled R$ 150 million in 4Q24. Compared to 3Q24, cost of goods sold decreased by 4%, mainly due to the effect of tax credits and mark-to-market previously mentioned, as well as lower sales volume. In 2024, cost of goods sold was R$ 8,895 million, a 5% increase compared to 2023.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Sales, general and administrative expenses -</font> Total of R$ 271 million (+16% vs. 4Q23 and +13% vs. 3Q24), due to higher expenses with personnel (mainly reflecting collective bargaining agreement and new business acquisitions) and lawsuits. In 2024, SG&amp;A totaled R$ 951 million, a 3% increase over 2023.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Other operating results &#8211;</font> Total of R$ 45 million, an improvement of R$ 39 million vs. 4Q23 and R$ 33 million compared to 3Q24, due to the effect of the reduction of R$ 37 million in the earnout payable from the acquisition of Stella. </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Recurring Adjusted EBITDA &#8211;</font> Total of R$ 441 million (+9% vs. 4Q23), due to higher sales volume and a better sales mix, as well as a greater contribution from new energies, despite higher costs and expenses, mainly due to freight expenses and the effects of inflation.&nbsp; Compared to 3Q24, Recurring Adjusted EBITDA decreased by 2%, due to lower sales volume and higher expenses. In 2024, Recurring Adjusted EBITDA was R$ R$ 1,687 million, 2% higher than in 2023.</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'>112</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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<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #00458c; font-size: 18pt;">4Q24</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>




















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</table>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 4pt; text-align: right; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">R$ million</font></font></p>
<table cellspacing="0" cellpadding="0" style="height: 140px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 10px;">
<td rowspan="2" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 28px; border-left-width: 1px; border-left-style: solid; border-left-color: #808080 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; font-weight: bold; line-height: inherit;">UL</font><font style="color: #ffffff; font-weight: bold; line-height: inherit;">TRACARGO</font></font></p>


































</td>
<td colspan="9" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #8d8b8c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Quarter</font></p>


































</td>
<td colspan="6" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #8d8b8c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Year</font></p>


































</td>
































</tr>
<tr style="height: 18px;">
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">4</font><font style="color: #ffffff; line-height: inherit;">Q24</font></font></p>


































</td>
<td colspan="2" style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">4</font><font style="color: #ffffff; line-height: inherit;">Q23</font></font></p>


































</td>
<td colspan="2" style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">3</font><font style="color: #ffffff; line-height: inherit;">Q24</font></font></p>


































</td>
<td colspan="2" style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">4</font><font style="color: #ffffff; line-height: inherit;">Q24 x </font><font style="color: #ffffff; line-height: inherit;">4</font><font style="color: #ffffff; line-height: inherit;">Q23</font></font></p>


































</td>
<td colspan="2" style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">4</font><font style="color: #ffffff; line-height: inherit;">Q24 x </font><font style="color: #ffffff; line-height: inherit;">3</font><font style="color: #ffffff; line-height: inherit;">Q24</font></font></p>


































</td>
<td colspan="2" style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">20</font><font style="color: #ffffff; line-height: inherit;">24</font></font></p>


































</td>
<td colspan="2" style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">20</font><font style="color: #ffffff; line-height: inherit;">23</font></font></p>


































</td>
<td colspan="2" style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">20</font><font style="color: #ffffff; line-height: inherit;">24 x </font><font style="color: #ffffff; line-height: inherit;">20</font><font style="color: #ffffff; line-height: inherit;">23</font></font></p>


































</td>
































</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 36%; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">Installed capacity</font><font style="color: #262626; line-height: inherit;">&#185; </font><font style="color: #262626; line-height: inherit;">(&#8216;000 m&#179;)</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 8%; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">1</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">067</font></font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 8%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">1</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">067</font></font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 8%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">1</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">067</font></font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 8%;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0%</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 8%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0%</font></p>


































</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 8%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">1</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">067</font></font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 8%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">1</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">009</font></font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 8%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6%</font></p>


































</td>
































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">m&#179; </font><font style="color: #262626; line-height: inherit;">sold</font> <font style="color: #262626; line-height: inherit;">(&#8216;000 m&#179;)</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">4</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">283</font></font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">4</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">276</font></font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">4</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">357</font></font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0%</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-2%</font></p>


































</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">17</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">143</font></font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">15</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">707</font></font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9%</font></p>


































</td>
































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Adjusted </font><font style="color: #00458c; font-weight: bold; line-height: inherit;">EBITDA </font><font style="color: #00458c; font-weight: bold; line-height: inherit;">(R$ million)</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">169</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">155</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">168</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9%</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1%</font></p>


































</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">668</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">631</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6%</font></p>


































</td>
































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">Adjusted</font><font style="color: #262626; line-height: inherit;"> EBITDA </font><font style="color: #262626; line-height: inherit;">margin</font> <font style="color: #262626; line-height: inherit;">(%)</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">60%</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">60%</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">63%</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-0,3pp</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-3,2pp</font></p>


































</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">62%</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">62%</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-0.1pp</font></p>


































</td>
































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Adjusted LTM EBITDA </font><font style="color: #00458c; font-weight: bold; line-height: inherit;">(R$ million)</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">668</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">631</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">653</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6%</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2%</font></p>


































</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


































</td>
































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">Adjusted LTM</font><font style="color: #262626; line-height: inherit;"> EBITDA </font><font style="color: #262626; line-height: inherit;">margin</font><font style="color: #262626; line-height: inherit;"> (%)</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">62%</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">62%</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">62%</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-0,1pp</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-0,1pp</font></p>


































</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


































</td>
































</tr>
<tr style="height: 27px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 27px; border-top-width: 1px; border-top-style: solid; border-top-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#185; Monthly average</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 27px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 27px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 27px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 27px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 27px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 27px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


































</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 27px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 27px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


































</td>
































</tr>



































































</table>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Operational performance -</font> The average installed capacity remained stable across the periods. The m&#179; sold also remained stable compared to 4Q23, with higher handling in Opla offset by lower spot handling of fuel and chemicals in Santos. Compared to 3Q24, the m&#179; sold decreased by 2%, due to lower fuel handling in Suape, partially offset by higher handling in Opla. In 2024, the m&#179; sold totaled 17,143 thousand m&#179;, a 9% increase compared to 2023.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Net revenues &#8211; </font>Total of R$ 283 million (+10% vs. 4Q23 and +6% vs. 3Q24), due to a better mix sales and higher spot and contractual rates, partially offset by lower spot sales of fuel. In 2024, net revenues reached R$ 1,076 million, a 6% increase compared to 2023.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Cost of services provided -</font> Total of R$ 102 million (+10% vs. 4Q23), due to higher costs with materials and maintenance. Compared to 3Q24, cost of services provided increased by 5%, due to higher costs with materials costs. In 2024, cost of services provided amounted to R$ 387 million, a 9% increase compared to 2023.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Sales, general and administrative expenses -</font> Total of R$ 52 million (+12% vs. 4Q23 and +15% vs. 3Q24), due to higher expenses with personnel (mainly variable compensation) and advisory and consultancy expenses related to expansion projects. In 2024, SG&amp;A totaled R$ 187 million, a 5% increase over 2023.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Adjusted EBITDA &#8211;</font> Total of R$ 169 million (+9% vs. 4Q23 and +1% vs. 3Q24), mainly due to the better mix of sales and higher tariffs from spot sales and contractual adjustments. In 2024, Adjusted EBITDA was R$ 668 million, 6% higher than in 2023.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 4pt; text-align: right; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">R$ million</font></font></p>
<table cellspacing="0" cellpadding="0" style="height: 236px; border-collapse: collapse; margin: 0px auto; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 18px;">
<td rowspan="2" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 28px; border-left-width: 1px; border-left-style: solid; border-left-color: #808080 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; font-weight: bold; line-height: inherit;">U</font><font style="color: #ffffff; font-weight: bold; line-height: inherit;">LTRAPAR</font><font style="color: #ffffff; font-weight: bold; line-height: inherit;"> - </font><font style="color: #ffffff; font-weight: bold; line-height: inherit;">Indebtedness</font></font></p>


































</td>
<td colspan="3" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #8d8b8c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Quarter</font></p>


































</td>


































</tr>
<tr style="height: 10px;">
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">4</font><font style="color: #ffffff; line-height: inherit;">Q</font><font style="color: #ffffff; line-height: inherit;">24</font></font></p>


































</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">4</font><font style="color: #ffffff; line-height: inherit;">Q</font><font style="color: #ffffff; line-height: inherit;">23</font></font></p>


































</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">3</font><font style="color: #ffffff; line-height: inherit;">Q</font><font style="color: #ffffff; line-height: inherit;">24</font></font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; width: 70%; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash and cash equivalents</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 10%; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,032</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,171</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 10%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,370</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Gross debt</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(14,302)</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(11,768)</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(13,848)</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Leases payable</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,485)</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,524)</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,489)</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Net debt</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">(7</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">756)</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">(6</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">121)</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">(7</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">968)</font></font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Net debt/Adjusted LTM EBITDA<font style="font-size: 8pt;"><sup>1</sup></font></font></p>


































</td>
<td style="background-color: #dae9f8; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">.</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">4x</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1.1x</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1.3x</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade payables &#8211; reverse factoring (draft discount)</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,015)</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,039)</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,291)</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial liabilities of customers (vendor)</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(180)</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(309)</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(211)</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Receivables from divestments (Oxiteno and Extrafarma)</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">924</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Net debt + draft discount + vendor + receivables</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">(8</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">950)</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">(6</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">545)</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">(9</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">470)</font></font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">Average gross debt duration </font><font style="color: #262626; line-height: inherit;">(years)</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3.2</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3.8</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3.3</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 25px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Average cost of gross debt</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">110% DI</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">108% DI </font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">110% DI</font></p>


































</td>


































</tr>
<tr style="height: 10px;">
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">DI + 1</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">.</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">1%</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">DI + 0</font><font style="color: #00458c; line-height: inherit;">.</font><font style="color: #00458c; line-height: inherit;">9%</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">DI + 1</font><font style="color: #00458c; line-height: inherit;">.</font><font style="color: #00458c; line-height: inherit;">0%</font></font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">Average cash yield </font><font style="color: #262626; line-height: inherit;">(% DI)</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">98%</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">99%</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">97%</font></p>


































</td>


































</tr>
<tr style="height: 18px;">
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#185; LTM Adjusted EBITDA does not include closing adjustments from the sale of Extrafarma and extraordinary tax credits </font></p>


































</td>


































</tr>





































































</table>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultrapar ended 4Q24 with a net debt of R$ 7.8 billion (1.4x Adjusted LTM EBITDA), compared to R$ 8.0 billion in September 2024 (1.3x Adjusted LTM EBITDA). The decrease in net debt is mainly due to higher net cash generation during the period, partially offset by the Hidrovias AFAC of R$ 500 million and the start of the share buyback program. The increase in financial leverage reflects the lower EBITDA, excluding the effect of extraordinary tax credits.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><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'>113</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>
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #00458c; font-size: 18pt;">4Q24</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>




















</tr>












































































</table>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 12pt; line-height: 1.2; margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 12pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Cash and maturity profile and breakdown of the gross debt (R$ m</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">illion)</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">:</font> </font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt;"><font style="color: #051273; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt;"><font style="color: #051273; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><img src="img6488753c22ad4d07acd5.jpg" style="display: block; margin-left: auto; margin-right: auto;" alt="Graphics">&nbsp;</font></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;<img src="img661227c30e3a4385ab45.jpg" style="display: block; margin-left: auto; margin-right: auto;" alt="Graphics"> </font></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 0pt 0pt 4pt; text-align: right; text-indent: 0pt;"><font style="color: #3cbfbe; font-size: 10pt; font-weight: bold;">&nbsp;<font style="color: #00458c; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">R$ million</font></font></p>
<table cellspacing="0" cellpadding="0" style="height: 151px; border-collapse: collapse; margin: 0px auto; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 0px;">
<td rowspan="2" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 11px; border-left-width: 1px; border-left-style: solid; border-left-color: #808080 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #f2f2f2; font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">ULTRAPAR - Investments </font></p>


































</td>
<td rowspan="2" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 11px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #f2f2f2; font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">2024 (Plan)</font></p>


































</td>
<td rowspan="2" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 11px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #f2f2f2; font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">2024 (Real)</font></p>


































</td>
<td rowspan="2" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 11px; border-right-width: 1px; border-right-style: solid; border-right-color: #808080 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #f2f2f2; font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">2025 (Plan)</font></p>


































</td>
































</tr>
<tr style="height: 11px;"></tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 70%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Expan</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">sion</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 10%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">528</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 10%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">304</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 10%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">512</font></font></p>


































</td>
































</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ipiranga</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">582</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">477</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">688</font></p>


































</td>
































</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultragaz</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">311</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">274</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">267</font></p>


































</td>
































</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultracargo</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">635</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">553</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">557</font></p>


































</td>
































</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Maitenance and others</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">150</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">909</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">030</font></font></p>


































</td>
































</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ipiranga</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">764</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">524</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">678</font></p>


































</td>
































</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultragaz</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">186</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">163</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">213</font></p>


































</td>
































</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultracargo</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">169</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">124</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">116</font></p>


































</td>
































</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Others</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">32</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">98</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">23</font></p>


































</td>
































</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">2</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">678</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">2</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">213</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">2</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">542</font></font></p>


































</td>
































</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ipiranga</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,345</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,001</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,366</font></p>


































</td>
































</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultragaz</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">497</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">437</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">480</font></p>


































</td>
































</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultracargo</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">804</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">677</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">673</font></p>


































</td>
































</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Others</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">32</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">98</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">23</font></p>


































</td>
































</tr>



































































</table>
<p style="font-size: 12pt; line-height: 1.2; margin: 0pt;"><font style="color: #0090ff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><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'>114</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>
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #00458c; font-size: 18pt;">4Q24</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>




















</tr>












































































</table>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In 2024, Ultrapar invested R$ 2.2 billion, of which R$ 1.3 billion (59%) was directed to the expansion of its businesses and R$ 909 million to maintenance and other investments.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Compared to the 2024 investment plan previously disclosed, the reduction is explained by the phasing of projects that will continue in 2025 (primarily Ipiranga's infrastructure projects and new Ultracargo&#8217;s terminals) and by greater efficiency in project execution.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ipiranga invested R$ 1,001 million in 2024, mainly allocated to the expansion and maintenance of its service stations and franchises network, and logistics infrastructure, in addition investments towards enhancing its technology platform. Of the total invested, R$ 259 million refers to additions to fixed and intangible assets, R$ 632 million to contractual assets with customers (exclusive rights), and R$ 110 million to installments from financing granted to customers and rentals advance payments, net of receipts.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultragaz, invested R$ 437 million in 2024, mainly directed towards installations for new customers in the bulk segment, the acquisition and replacement of bottles, expansion into new energies, and the maintenance of existing operations.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">At Ultracargo, investments amounted to R$ 677 million in 2024, primarily allocated to construction and expansion projects at the Palmeirante, Opla, Itaqui, Santos, and Rondon&#243;polis terminals, as well as concession payments for Vila do Conde and Itaqui, in addition to investments to enhance efficiency, maintenance, and operational safety at the terminals.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultrapar&#8217;s investment plan for 2025 totals R$ 2,542 million, as announced to the market on February 6.</font></p>
<p style="font-size: 12pt; line-height: 1.2; margin: 6pt 0pt; text-align: justify;"><font style="color: #3cbfbe; font-family: 'times new roman', times; font-size: 12pt; font-weight: bold; line-height: inherit;">Updates on ESG themes</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 6pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Ultrapar</font> was recognized in December as one of the best companies to work for in Brazil by <font style="font-weight: bold; line-height: inherit;">Great Place To Work</font>&#174; Brasil for the fourth consecutive year.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 6pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Instituto Ultra</font> continues to invest in educational initiatives in the communities where Ultrapar operates. In December, <font style="font-weight: bold; line-height: inherit;">Parceiros da Educa&#231;&#227;o</font> conducted its third evaluation with students in the final years (6th to 9th grade) of the municipal school network in Santos to assess learning levels in Portuguese and mathematics following teacher training programs. With over 90% participation of students, significant learning improvements were observed such as a 30% increase in 6th-grade students classified with very good performance in Portuguese, as well as a 17% reduction in 8th-grade students with insufficient performance, both compared to the assessment at the beginning of the year.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 6pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Ipiranga</font> conducted its <font style="font-weight: bold; line-height: inherit;">first lifecycle assessment</font> (LCA) study of its products, comparing the Original and Ipimax versions of its three main fuels (ethanol, diesel, and gasoline). The results demonstrated greater efficiency gains for the Ipimax fuel line, as well as reductions in greenhouse gas emissions.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 6pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In December, Ipiranga was recognized with the <font style="font-weight: bold; line-height: inherit;">"Conscious Vision Award"</font> promoted by Fecom&#233;rcio RJ for the "Inclus&#227;o Tech" initiative, which trained 300 individuals with disabilities in the technology field and hired 25 of these professionals. The Vis&#227;o Consciente award celebrates companies in Rio de Janeiro that adopt sustainable and socially responsible practices, fostering innovation and sustainability.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 6pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Also in December, Ipiranga launched the second class of the <font style="font-weight: bold; line-height: inherit;">"Women Drivers Operation"</font>, reaffirming its commitment to training women and generating qualified labor in the transportation sector. In this edition, 16 women from the state of S&#227;o Paulo completed the program, which combines theoretical and practical classes focusing on safety.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 6pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In December, <font style="font-weight: bold; line-height: inherit;">Ultragaz</font> completed the donation of 19 tons of LPG for community kitchens and as fuel for forklifts, supporting families in vulnerable situations affected by the catastrophe in Rio Grande do Sul.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 6pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The company also held the second edition of the <font style="font-weight: bold; line-height: inherit;">Technology and Soft Skills</font> volunteer program in partnership with Associa&#231;&#227;o Feminina de Estudos Sociais e Universit&#225;rios (AFESU), impacting 60 girls through eight lectures on technology and the job market. Additionally, for the first time in Ultragaz's history, three female leaders were recognized by the <font style="font-weight: bold; line-height: inherit;">World Liquid Gas Association (WLPGA)</font> as global industry highlights.&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 6pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In October, <font style="font-weight: bold; line-height: inherit;">Ultracargo</font> organized Integrity Week, engaging employees and third-party partners of the company. With a focus on enhancing the maturity of the integrity culture, several actions addressed topics such as respect, diversity and inclusion, reputational analysis, and conflict of interest, among others.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 6pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In November, the fourth edition of the <font style="font-weight: bold; line-height: inherit;">Operational Training Program</font> was completed near the Palmeirante (TO) terminal, training 30 students on management, safety, and technical fundamentals. </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 6pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In December, the Port of Suape was recognized in the 4th edition of the <font style="font-weight: bold; line-height: inherit;">"Ocean-Friendly Terminal Seal"</font>, which values good practices for the conservation of the marine environment in the region.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 6pt 0pt 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Ultracargo</font> and <font style="font-weight: bold; line-height: inherit;">ICONIC</font> received the <font style="font-weight: bold; line-height: inherit;">EcoVadis Gold Seal,</font> ranking among the top 5% of companies globally in corporate sustainability evaluations. ICONIC earned the seal in November, becoming the first in the Group to achieve this distinction. The following month, Ultracargo achieved the same milestone with significant progress in Labor Practices, Human Rights, Environment, and Sustainable Procurement.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><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'>115</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="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #00458c; font-size: 18pt;">4Q24</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>




















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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; font-weight: bold; line-height: inherit;">&nbsp;</font><font style="color: #ffffff; font-weight: bold; line-height: inherit;">Mercado de capitais</font></font></p>


































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<td colspan="3" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-width: 1px 1px 1pt 1px; border-color: #8d8b8c !important #8d8b8c !important #00458c #8d8b8c !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Quarter</font></p>


































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<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Year</font></p>


































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<tr style="height: 10px;">
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #8d8b8c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">4Q24</font></p>


































</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #8d8b8c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">4Q</font><font style="color: #ffffff; line-height: inherit;">23</font></font></p>


































</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #8d8b8c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">3Q</font><font style="color: #ffffff; line-height: inherit;">24</font></font></p>


































</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #8d8b8c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">2024</font></p>


































</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #8d8b8c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">2023</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; width: 50%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Final number of shares </font><font style="color: #00458c; font-weight: bold; line-height: inherit;">(&#8216;000 shares) </font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; width: 10%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">115</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">440</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; width: 10%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">1</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">115</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">212</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; width: 10%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">1</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">115</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">440</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px; width: 10%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">115</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">440</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px; width: 10%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,115,212</font></p>


































</td>


































</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Market capitalization</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">&#185; </font><font style="color: #00458c; font-weight: bold; line-height: inherit;">(R$ million)</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">17</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">713</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">29</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">564</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">23</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">658</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">17</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">713</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">29,564</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">B3</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">Average daily trading volume </font><font style="color: #262626; line-height: inherit;">(</font><font style="color: #262626; line-height: inherit;">&#8216;000</font><font style="color: #262626; line-height: inherit;"> shares)</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,898</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">6</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">592</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,393</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">5</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">234</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,637</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">Average daily financial volume </font><font style="color: #262626; line-height: inherit;">(R$ thousand)</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">111,271</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">151</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">512</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">122,972</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">123</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">249</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">116,473</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">Average share price </font><font style="color: #262626; line-height: inherit;">(R$/share)</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">18.86</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">22</font><font style="color: #262626; line-height: inherit;">.</font><font style="color: #262626; line-height: inherit;">99</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">22.80</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">23</font><font style="color: #00458c; line-height: inherit;">.</font><font style="color: #00458c; line-height: inherit;">55</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">17.55</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">NYSE</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">Quantity of ADRs&#178; </font><font style="color: #262626; line-height: inherit;">(</font><font style="color: #262626; line-height: inherit;">&#8216;000</font><font style="color: #262626; line-height: inherit;"> ADRs)</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">65,758</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">52,</font><font style="color: #262626; line-height: inherit;">197</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">59,258</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">65</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">758</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">52,197</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">Average daily trading volume </font><font style="color: #262626; line-height: inherit;">(</font><font style="color: #262626; line-height: inherit;">&#8216;000</font><font style="color: #262626; line-height: inherit;"> ADRs)</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,159</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">1</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">400</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,211</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">1</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">539</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,430</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">Average daily financial volume </font><font style="color: #262626; line-height: inherit;">(US$ thousand)</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,953</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">6</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">486</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,954</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">6</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">664</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,058</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">Average share </font><font style="color: #262626; line-height: inherit;">(US$/ADRs)</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3.22</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">4</font><font style="color: #262626; line-height: inherit;">.</font><font style="color: #262626; line-height: inherit;">63</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,09</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">4</font><font style="color: #00458c; line-height: inherit;">.</font><font style="color: #00458c; line-height: inherit;">33</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3.54</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">Average daily trading volume </font><font style="color: #262626; line-height: inherit;">(</font><font style="color: #262626; line-height: inherit;">&#8216;000</font><font style="color: #262626; line-height: inherit;"> shares)</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">8</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">057</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">7</font><font style="color: #262626; line-height: inherit;">,992</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">6</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">604</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">6</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">773</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,067</font></p>


































</td>


































</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">Average daily financial volume </font><font style="color: #262626; line-height: inherit;">(R$ thousand)</font></font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8c8b8d !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">151,999</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8c8b8d !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">183</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">591</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8c8b8d !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">150,482</font></p>


































</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8c8b8d !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">158</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">992</font></font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8c8b8d !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">141,661</font></p>


































</td>


































</tr>
<tr style="height: 30px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 30px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#185; Calculated on the closing share price for the period </font></p>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#178; 1 ADR = 1 common share</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 30px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


































</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 30px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


































</td>
<td style="vertical-align: top; height: 30px; border-top-width: 1px; border-top-style: solid; border-top-color: #8c8b8d !important;"></td>
<td style="vertical-align: top; height: 30px; border-top-width: 1px; border-top-style: solid; border-top-color: #8c8b8d !important;"></td>
<td style="vertical-align: top; height: 30px; border-top-width: 1px; border-top-style: solid; border-top-color: #8c8b8d !important;"></td>


































</tr>





































































</table>
<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The average daily trading volume of Ultrapar, considering trades on B3 and NYSE, was R$ 159 million/day in 2024 (+12% vs 2023). Ultrapar&#8217;s shares ended 2024 priced at R$ 15.88 on B3, depreciation of 40% in the year, while the Ibovespa stock index decreased 10%. On the NYSE, Ultrapar&#8217;s shares depreciated by 51%, while the Dow Jones index appreciated 13% for the year. Ultrapar ended 2024 with a market cap of R$ 18 billion.</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;"><br></font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">UGPA3 x Ibovespa</font><font style="color: #00458c; font-weight: bold; line-height: inherit;"> performance</font></font></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">(</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">base</font><font style="color: #00458c; font-weight: bold; line-height: inherit;"> 100</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">)</font>&nbsp;</font></p>
<p style="font-size: 9.5pt; line-height: 1.2; margin: 8pt 0pt 6pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;<img src="img41965dd229914ba0b10d.jpg" style="display: block; margin-left: auto; margin-right: auto;" alt="Graphics"></font></p>
<p style="font-size: 12pt; line-height: 1.2; margin: 8pt 0pt 6pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #3cbfbe; font-weight: bold; line-height: inherit;">4</font><font style="color: #3cbfbe; font-weight: bold; line-height: inherit;">Q24 Conference call</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 8pt 0pt 6pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultrapar will host a conference call with analysts and investors on February 27, 2025, to comment on the Company&#8217;s performance in the fourth quarter of 2024 and its outlook. The presentation will be available for download on the Company&#8217;s website 30 minutes prior to the start.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 8pt 0pt 6pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The conference call will be broadcast via webcast and conducted in Portuguese with simultaneous translation into English. Please connect 10 minutes in advance.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Conference call in Portuguese with simultaneous translation into English</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Time</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">: 11h00 (BRT) </font><font style="color: #00458c; font-weight: bold; line-height: inherit;">/ </font><font style="color: #00458c; font-weight: bold; line-height: inherit;">09</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">h00 (E</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">S</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">T)</font></font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Access link via webcast</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Participants from Brazil: click <font style="color: #0000ff; text-decoration: underline; line-height: inherit;">here</font></font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">International participants: click <font style="color: #0000ff; text-decoration: underline; line-height: inherit;">here</font></font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><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'>116</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>




























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<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><br></p>


































</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #00458c; font-size: 18pt;">4Q24</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>













</tr>






























































</table>
<p style="font-size: 11pt; line-height: 108%; margin: 0pt; text-align: center;"><br></p>
<p style="text-align: right; margin: 0pt 0pt 4pt; text-indent: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">R$ million</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="height: 675.594px; border-collapse: collapse; width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">





<tr style="height: 0px;">
<td rowspan="2" height="64" style="height: 39.5938px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; background: #00458c; font-size: 10pt; text-align: center; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 9pt;">ULTRAPAR - Balance sheet<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td rowspan="2" style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; background: #8d8b8c; height: 39.5938px; font-size: 10pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font>Dec 24<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td rowspan="2" style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #8d8b8c; height: 39.5938px; font-size: 10pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font>Dec 23<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td rowspan="2" style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #8d8b8c; height: 39.5938px; font-size: 10pt; text-align: center; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font>Sep 24<font style="mso-spacerun: yes;">&nbsp;</font></font></td>













</tr>
<tr style="height: 39.5938px;"></tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 3px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; width: 70%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">ASSETS</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; width: 10%; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; width: 10%; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; width: 10%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cash and cash equivalents</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,072</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,926</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,855</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Financial investments and
  derivative financial instruments</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,553</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">293</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">377</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Trade receivables and
  reseller financing</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,052</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,427</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,127</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Trade receivables - sale of
  subsidiaries</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">924</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Inventories</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,917</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,291</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,742</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Recoverable taxes</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,192</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,633</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,694</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Energy trading futures
  contracts</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">141</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">140</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Prepaid expenses</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">164</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">100</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">127</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Contractual assets with
  customers - exclusive rights</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">659</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">787</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">744</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other receivables</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">298</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">267</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">359</font></td>













</tr>
<tr style="height: 10px;">
<td height="24" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total Current Assets</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">16,048</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">18,649</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;">16,166</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 3px 0px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Financial investments and
  hedge derivative financial instruments</font></td>
<td style="padding: 5px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,407</font></td>
<td style="padding: 5px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">952</font></td>
<td style="padding: 5px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,137</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Trade receivables and
  reseller financing</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">793</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">564</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">710</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred income and social
  contribution taxes</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">937</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,255</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,326</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Recoverable taxes</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,996</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,967</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,629</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Energy trading futures
  contracts</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">263</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">205</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Escrow deposits<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">446</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,033</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,052</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Prepaid expenses</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">41</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">73</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">56</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Contractual assets with
  customers - exclusive rights</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,473</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,475</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,399</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other receivables</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">289</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">313</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">313</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Investments in subsidiaries,
  joint ventures and associates</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,149</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">318</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,720</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Right-of-use assets, net</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,671</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,712</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,691</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Property, plant and
  equipment, net</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">7,136</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,388</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,756</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Intangible assets, net</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,908</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,554</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,162</font></td>













</tr>
<tr style="height: 10px;">
<td height="24" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total Non-Current Assets</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">23,510</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">19,603</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;">23,156</font></td>













</tr>
<tr style="height: 10px; margin-left: 0.1px;">
<td height="7" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;">&nbsp;</td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 1pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"></td>













</tr>
<tr style="height: 10px;">
<td height="24" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total Assets</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">39,558</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">38,252</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;">39,322</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 3px 1px 0px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">LIABILITIES</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Trade payables</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,518</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,683</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,051</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Trade payables - reverse
  factoring</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,015</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,039</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,291</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Loans, financing and
  derivative financial instruments</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,175</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,076</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,932</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Debentures</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">378</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">918</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">454</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Salaries and related charges</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">480</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">495</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">466</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Taxes payable</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">473</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">721</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">529</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Leases payable</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">316</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">311</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">321</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Energy trading futures
  contracts</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">67</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">92</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Financial liabilities of
  customers (vendor)</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">117</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">158</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">126</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Provision for decarbonization
  credits</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">742</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">268</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other payables</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">954</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,088</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">761</font></td>













</tr>
<tr style="height: 10px;">
<td height="24" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total Current Liabilities</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10,493</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">11,230</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10,292</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Loans, financing and
  derivative financial instruments</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,393</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,585</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,580</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Debentures</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,356</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,189</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,882</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Energy trading futures
  contracts</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">48</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">57</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Provision for tax, civil and
  labor risks</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">611</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,258</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,242</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Post-employment benefits</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">199</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">241</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">255</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Leases payable</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,169</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,213</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,168</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Financial liabilities of
  customers (vendor)</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">63</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">151</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">84</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other payables</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">403</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">354</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">413</font></td>













</tr>
<tr style="height: 10px;">
<td height="24" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total Non-Current Liabilities</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">13,241</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12,992</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;">13,681</font></td>













</tr>
<tr style="height: 5px; margin-left: 0.1px;">
<td height="7" style="height: 5px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;">&nbsp;</td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 5px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 5px; font-size: 1pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 5px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"></td>













</tr>
<tr style="height: 10px;">
<td height="24" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total Liabilities</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">23,735</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">24,222</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;">23,973</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 3px 1px 0px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">EQUITY</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Share capital</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,622</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,622</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,622</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Reserves</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">8,603</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,991</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,999</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Treasury shares</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(596)</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(471)</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(449)</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Others</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">531</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">364</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,532</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Non-controlling interests in
  subsidiaries</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">665</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">523</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">645</font></td>













</tr>
<tr style="height: 10px;">
<td height="24" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total Equity</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">15,823</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">14,030</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;">15,348</font></td>













</tr>
<tr style="height: 5px; margin-left: 0.1px;">
<td height="7" style="height: 5px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;">&nbsp;</td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 5px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 5px; font-size: 1pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 5px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"></td>













</tr>
<tr style="height: 10px;">
<td height="24" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total Liabilities and Equity</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">39,558</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">38,252</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;">39,322</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cash and cash equivalents</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">8,032</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">7,171</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">7,370</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Gross debt</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(14,302)</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(11,768)</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(13,848)</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: windowtext; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Leases payable</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,485)</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,524)</font></td>
<td style="padding: 1px 4px 0px 1px; color: windowtext; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,489)</font></td>













</tr>
<tr style="height: 10px;">
<td height="24" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net debt</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(7,756)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(6,121)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(7,968)</font></td>













</tr>


































</table>
<p style="font-size: 11pt; line-height: 108%; margin: 0pt; text-align: center;"><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;"><a href="#TOC"></a><br></div>




















</div>
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #00458c; font-size: 18pt;">4Q24</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>













</tr>






























































</table>
<p style="margin:0pt"><br></p>
<p style="text-align: right; margin: 0pt 0pt 4pt; text-indent: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">R$ million</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse; width: 100%; margin-left: 0.1px; height: 390px; font-family: 'times new roman'; font-size: 10pt;">





<tr style="height: 10px;">
<td rowspan="2" height="64" style="height: 20px; padding: 0px; color: #ffffff; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; background: #00458c; font-size: 10pt; text-align: center; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font>ULTRAPAR -
  Income statement<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td colspan="3" style="padding: 0px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #00458c; height: 10px; font-size: 10pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font>Quarter<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td colspan="2" style="padding: 0px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #00458c; height: 10px; font-size: 10pt; text-align: center; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font>Year<font style="mso-spacerun: yes;">&nbsp;</font></font></td>




</tr>
<tr style="height: 10px;">
<td height="32" style="height: 10px; padding: 0px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; background: #8d8b8c; font-size: 10pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font>4Q24<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td style="padding: 0px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #8d8b8c; height: 10px; font-size: 10pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font>4Q23<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td style="padding: 0px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #8d8b8c; height: 10px; font-size: 10pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;">3Q24</font></td>
<td style="padding: 0px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #8d8b8c; height: 10px; font-size: 10pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font>2024<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td style="padding: 0px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #8d8b8c; height: 10px; font-size: 10pt; text-align: center; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font>2023<font style="mso-spacerun: yes;">&nbsp;</font></font></td>




</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 0px 0px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; width: 50%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net revenues from sales and
  services</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; width: 10%; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">35,401</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; width: 10%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">33,421</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; width: 10%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">35,358</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; width: 10%; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">133,499</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; width: 10%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">126,049</font></td>




</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 0px 0px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cost of products sold and
  services provided</font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(32,166)</font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(30,352)</font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(33,076)</font></td>
<td style="padding: 0px; color: #000000; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(123,812)</font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(116,730)</font></td>




</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Gross profit</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,236</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,069</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,282</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">9,687</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;">9,318</font></td>




</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 3px 0px 0px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Operating revenues (expenses)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>




</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 0px 0px 0px 18px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Selling and marketing</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(615)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(641)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(671)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,500)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,253)</font></td>




</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 0px 0px 0px 18px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">General and administrative</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(497)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(546)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(421)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,872)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,018)</font></td>




</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 0px 0px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Results from disposal of
  assets</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">66</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">18</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">31</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">172</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">122</font></td>




</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 0px 0px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other operating income
  (expenses), net</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(77)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(93)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(111)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(414)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(603)</font></td>




</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Operating income</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,113</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,807</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,111</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,073</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,566</font></td>




</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 3px 0px 0px 12px; color: #262626; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Financial result, net</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>




</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 0px 0px 0px 18px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Financial income</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">219</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">208</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">221</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">881</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">881</font></td>




</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 0px 0px 0px 18px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Financial expenses</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(555)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(378)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(329)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,813)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,880)</font></td>




</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 3px 0px 0px 12px; color: #262626; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total share of profit (loss)
  of subsidiaries, joint ventures and associates</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>




</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 0px 0px 0px 18px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: normal; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Share
  of profit (loss) of subsidiaries, joint ventures and associates</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(120)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">0</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(127)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12</font></td>




</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 0px 0px 0px 18px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Amortization of fair value
  adjustments on associates acquisition</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(0)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(0)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #000000; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></td>




</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Income before income and
  social contribution taxes</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,657</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,637</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,006</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,012</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,579</font></td>




</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 3px 0px 0px 12px; color: #262626; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Income and social
  contribution taxes</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>




</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 0px 0px 0px 18px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Current</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(364)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(582)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(366)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,125)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,396)</font></td>




</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 0px 0px 0px 18px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(412)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">59</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">58</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(361)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">335</font></td>




</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net income</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">881</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,114</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">698</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,526</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,518</font></td>




</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 3px 0px 0px 12px; color: #262626; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net income attributable to:</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>




</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 0px 0px 0px 18px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Shareholders of Ultrapar</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">842</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,099</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">652</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,363</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,440</font></td>




</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 0px 0px 0px 18px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Non-controlling interests in subsidiaries</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">39</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">15</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">47</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">163</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">78</font></td>




</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Adjusted EBITDA</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,379</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,287</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,537</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,610</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,332</font></td>




</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 3px 0px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Non-recurring<font style="font-size: 8pt;"><sup>1</sup></font></font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,096)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(621)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(31)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,233)</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(717)</font></td>




</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Recurring Adjusted EBITDA</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,284</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,666</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,506</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,377</font></td>
<td style="padding: 0px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,615</font></td>




</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 3px 0px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Depreciation and
  amortization<font style="font-size: 8pt;"><sup>2</sup></font></font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">452</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">480</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">423</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,731</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,754</font></td>




</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 0px 0px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total investments<font style="font-size: 8pt;"><sup>3</sup></font></font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">776</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">820</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">519</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,213</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,949</font></td>




</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 3px 0px 0px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">RATIOS</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>




</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 0px 0px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Earnings per share (R$)</font></td>
<td align="right" style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">0.76</font></td>
<td align="right" style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1.00</font></td>
<td align="right" style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">0.59</font></td>
<td align="right" style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1.38</font></td>
<td align="right" style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1.22</font></td>




</tr>
<tr style="height: 10px;">
<td height="31" style="height: 10px; padding: 0px 0px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net debt / Adjusted LTM
  EBITDA<font style="font-size: 8pt;"><sup>4</sup></font></font></td>
<td align="right" style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1.4x</font></td>
<td align="right" style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1.1x</font></td>
<td align="right" style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1.3x</font></td>
<td align="right" style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1.4x</font></td>
<td align="right" style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1.1x</font></td>




</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 0px 0px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Gross margin (%)</font></td>
<td align="right" style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">9.1%</font></td>
<td align="right" style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">9.2%</font></td>
<td align="right" style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6.5%</font></td>
<td align="right" style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">7.3%</font></td>
<td align="right" style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">7.4%</font></td>




</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 0px 0px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Operating margin (%)</font></td>
<td align="right" style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6.0%</font></td>
<td align="right" style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5.4%</font></td>
<td align="right" style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3.1%</font></td>
<td align="right" style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3.8%</font></td>
<td align="right" style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3.6%</font></td>




</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 0px 0px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Adjusted EBITDA margin (%)</font></td>
<td align="right" style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6.7%</font></td>
<td align="right" style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6.8%</font></td>
<td align="right" style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4.3%</font></td>
<td align="right" style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5.0%</font></td>
<td align="right" style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5.0%</font></td>




</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 0px 0px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Recurring Adjusted EBITDA
  margin (%)</font></td>
<td align="right" style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3.6%</font></td>
<td align="right" style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5.0%</font></td>
<td align="right" style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4.3%</font></td>
<td align="right" style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4.0%</font></td>
<td align="right" style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4.5%</font></td>




</tr>
<tr style="height: 10px;">
<td height="31" style="height: 10px; padding: 0px; color: #000000; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Number of employees<font style="font-size: 8pt;"><sup>5</sup></font></font></td>
<td align="right" style="padding: 0px 4px 0px 0px; color: #000000; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">9,558</font></td>
<td align="right" style="padding: 0px 4px 0px 0px; color: #000000; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10,009</font></td>
<td align="right" style="padding: 0px 4px 0px 0px; color: #000000; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">9,929</font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-<font style="mso-spacerun: yes;">&nbsp;&nbsp; </font></font></td>
<td style="padding: 0px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-<font style="mso-spacerun: yes;">&nbsp;&nbsp; </font></font></td>




</tr>

























</table>
<p style="font-size: 11pt; line-height: 108%; margin: 0pt; text-align: left;"><br></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 0pt; text-align: left;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-size: 8pt; line-height: inherit;"><sup>1</sup></font><font style="font-size: 8pt; line-height: inherit;">Non-recurring items described in the EBITDA calculation table &#8211; page 3</font></font></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 0pt; text-align: left;"><font style="font-size: 8pt; line-height: inherit;"><font style="line-height: inherit;"><sup>2</sup></font>Includes amortization with contractual assets with customers &#8211; exclusive rights and amortization of fair value adjustments on associates acquisition</font></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 0pt; text-align: left;"><font style="font-size: 8pt; line-height: inherit;"><font style="line-height: inherit;"><sup>3</sup></font>Includes property, plant and equipment and additions to intangible assets (net of divestitures), contractual assets with customers (exclusive rights), initial direct costs of assets with right of use, contributions made to SPEs (Specific Purpose Companies), payment of grants, financing of clients, rental advances (net of receipts), acquisition of shareholdings and payments of leases</font></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 0pt; text-align: left;"><font style="font-size: 8pt; line-height: inherit;"><font style="line-height: inherit;"><sup>4</sup></font>Adjusted LTM EBITDA does not include closing adjustments from the sale of Extrafarma and extraordinary tax credits</font></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 0pt; text-align: left;"><font style="font-size: 8pt; line-height: inherit;"><font style="line-height: inherit;"><sup>5</sup></font>Number of employees for 2023 was revised to reflect new criteria (includes only active employees and employees on leave for up to 12 months)</font></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 0pt; text-align: left;"><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'>118</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;"><a href="#TOC"></a><br></div>




















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<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #00458c; font-size: 18pt;">4Q24</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>













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</table>
<p style="font-size: 11pt; line-height: 108%; margin: 0pt; text-align: left;"><br></p>
<p style="font-size: 11pt; line-height: 108%; margin: 0pt 0pt 4pt; text-align: right; text-indent: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">R$ million</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="height: 816px; border-collapse: collapse; width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">





<tr style="height: 10px;">
<td rowspan="2" height="66" style="height: 20px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; background: #00458c; text-align: center; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 9pt; font-family: 'times new roman', times;">ULTRAPAR - Cash flows</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #00458c; height: 10px; text-align: center; font-size: 10pt;"><font style="font-size: 9pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;</font>Quarter<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td colspan="2" style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #00458c; height: 10px; text-align: center; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #8d8b8c !important; border-left-color: #8d8b8c !important;"><font style="font-size: 9pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;</font>Year<font style="mso-spacerun: yes;">&nbsp;</font></font></td>


</tr>
<tr style="height: 10px;">
<td height="33" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #8d8b8c; text-align: center; font-size: 10pt; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 9pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;</font>4Q24<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #8d8b8c; height: 10px; text-align: center; font-size: 10pt;"><font style="font-size: 9pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;</font>2024<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #8d8b8c; height: 10px; text-align: center; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 9pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;</font>2023<font style="mso-spacerun: yes;">&nbsp;</font></font></td>


</tr>
<tr style="height: 10px;">
<td height="21" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; width: 70%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Cash flows from operating
  activities</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; width: 10%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; width: 10%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; width: 10%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>


</tr>
<tr style="height: 10px;">
<td height="24" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #00458c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Net income</font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">881 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; margin: 0px; text-indent: 0px; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">2,526 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right: 1pt solid #00458c; border-top-color: #00458c !important; border-bottom-color: #00458c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">2,518 </font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Adjustments to reconcile net
  income to cash provided (consumed) by operating activities</font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; margin: 0px; text-indent: 0px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Share of profit (loss) of
    subsidiaries, joint ventures and associates and amortization of fair value
    adjustments on associates acquisition</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">121 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; margin: 0px; text-indent: 0px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">130 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(12)</font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Amortization of contractual
  assets with customers - exclusive rights</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">152 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; margin: 0px; text-indent: 0px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">555 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">607 </font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Amortization of right-of-use
  assets</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">82 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; margin: 0px; text-indent: 0px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">312 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">306 </font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Depreciation and amortization</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">227 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; margin: 0px; text-indent: 0px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">901 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">849 </font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Interest and foreign exchange
  rate variations</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">614 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; margin: 0px; text-indent: 0px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">1,558 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">1,350 </font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Current and deferred income
  and social contribution taxes</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">776 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; margin: 0px; text-indent: 0px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">1,486 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">1,061 </font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Gain (loss) on disposal or
  write-off of property, plant and equipment, intangible assets and other
  assets</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(66)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(207)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(193)</font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Equity instrument granted</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">17 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">57 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">39 </font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Fair Value Result of Energy
  Contracts</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(64)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(64)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-<font style="mso-spacerun: yes;">&nbsp;&nbsp; </font></font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Provision for decarbonization
  - CBios</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">143 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">584 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">740 </font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Other provisions and
  adjustments</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(85)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(16)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">148 </font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #00458c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Cash flow from operating
  acrivities before changes in working capital</font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">2,796 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">7,821 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right: 1pt solid #00458c; border-top-color: #00458c !important; border-bottom-color: #00458c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">7,413 </font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 3px 1px 0px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(Increase) decrease in assets</font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 0px; color: #051273; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 0px; color: #051273; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Trade receivables and
  reseller financing</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">22 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">180 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">260 </font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Inventories</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">827 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">371 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">645 </font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Recoverable taxes</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(1,203)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(1,643)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(1,201)</font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Dividends received from
  subsidiaries, associates and joint ventures</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-<font style="mso-spacerun: yes;">&nbsp;&nbsp; </font></font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">2 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">12 </font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Other assets</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">66 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(115)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(88)</font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 3px 1px 0px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Increase (decrease) in
  liabilities</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 0px; color: #051273; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 0px; color: #051273; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Trade payables and trade
  payables - reverse factoring</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">190 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(1,210)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(1,700)</font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Salaries and related charges</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">15 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(17)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">31 </font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Taxes payable</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">7 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(24)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(25)</font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Other liabilities</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(141)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(160)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">219 </font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Acquisition of CBios and
  carbon credits</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(127)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(713)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(779)</font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Payments of contractual
  assets with customers - exclusive rights</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(133)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(418)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(598)</font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">P<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: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: nowrap; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">ayment of contingencies</font></font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-<font style="mso-spacerun: yes;">&nbsp;&nbsp; </font></font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(31)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(70)</font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; line-height: 1.2; margin: 6pt 0pt; text-align: justify;"><font style="color: #262626; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: nowrap; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Income and social contribution taxes paid</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(89)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(309)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(269)</font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #00458c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Net cash provided (consumed)
  by operating activities</font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">2,231 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">3,736 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right: 1pt solid #00458c; border-top-color: #00458c !important; border-bottom-color: #00458c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">3,850 </font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 3px 1px 0px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Cash flows from investing
  activities</font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 0px; color: #051273; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 0px; color: #051273; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Financial investments, net of
  redemptions</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(2,150)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(4,202)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">74 </font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Acquisition of property,
  plant, equipment and intangible assets</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(688)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(1,787)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(1,287)</font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Cash provided by disposal of
  investments and property, plant and equipment</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">130 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">1,386 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">513 </font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Capital decrease in
  subsidiaries, associates and joint ventures</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-<font style="mso-spacerun: yes;">&nbsp;&nbsp; </font></font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">1 </font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">3 </font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Net cash consumed in the
  purchase of investments and other assets</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(543)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(1,786)</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(324)</font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #00458c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Net cash provided (consumed)
  by investing activities</font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(3,251)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(6,388)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right: 1pt solid #00458c; border-top-color: #00458c !important; border-bottom-color: #00458c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(1,022)</font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 3px 1px 0px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Cash flows from financing
  activities</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 0px; color: #051273; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 0px; color: #051273; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Loans, financing and
  debentures</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Proceeds</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">521 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">4,180 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">2,903 </font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Repayments</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(593)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(2,719)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(3,150)</font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Interest and derivatives
  (paid) or received</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(376)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(1,118)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(1,267)</font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Payments of leases</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><br></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><br></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><br></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Principal</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(74)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(285)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(214)</font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Interest paid</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(33)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(148)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(146)</font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Dividends paid</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(52)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(834)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(400)</font></td>


</tr>
<tr style="height: 21px;">
<td height="28" style="height: 21px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Proceeds from financial
  liabilities of customers</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 21px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-<font style="mso-spacerun: yes;">&nbsp;&nbsp; </font></font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 21px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-<font style="mso-spacerun: yes;">&nbsp;&nbsp; </font></font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 21px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">8 </font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Payments of financial
  liabilities of customers</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(37)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(160)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(198)</font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Capital increase made by
  non-controlling shareholders and redemption of shares</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-<font style="mso-spacerun: yes;">&nbsp;&nbsp; </font></font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">14 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-<font style="mso-spacerun: yes;">&nbsp;&nbsp; </font></font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Share buyback for treasury</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(149)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(149)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-<font style="mso-spacerun: yes;">&nbsp;&nbsp; </font></font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Related parties</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(4)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(15)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(31)</font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #00458c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Net cash provided (consumed)
  by financing activities</font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(796)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(1,234)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right: 1pt solid #00458c; border-top-color: #00458c !important; border-bottom-color: #00458c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(2,494)</font></td>


</tr>
<tr style="height: 5px;">
<td height="7" style="height: 5px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;">&nbsp;</td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 5px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 5px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 5px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #00458c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Effect of exchange rate
  changes on cash and cash equivalents in foreign currency</font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">32 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">32 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right: 1pt solid #00458c; border-top-color: #00458c !important; border-bottom-color: #00458c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(30)</font></td>


</tr>
<tr style="height: 5px;">
<td height="7" style="height: 5px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;">&nbsp;</td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 5px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 5px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 5px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #00458c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Increase (decrease) in cash
  and cash equivalents</font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(1,784)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(3,854)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right: 1pt solid #00458c; border-top-color: #00458c !important; border-bottom-color: #00458c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">304 </font></td>


</tr>
<tr style="height: 5px;">
<td height="7" style="height: 5px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;">&nbsp;</td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 5px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 5px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 5px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #00458c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Cash and cash equivalents at
  the beginning of the period</font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">3,855 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">5,926 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right: 1pt solid #00458c; border-top-color: #00458c !important; border-bottom-color: #00458c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">5,622 </font></td>


</tr>
<tr style="height: 5px;">
<td height="7" style="height: 5px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;">&nbsp;</td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 5px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 5px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 5px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #00458c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Cash and cash equivalents at
  the end of the period</font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">2,072 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">2,072 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right: 1pt solid #00458c; border-top-color: #00458c !important; border-bottom-color: #00458c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">5,926 </font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 3px 1px 0px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Non-cash transactions</font></td>
<td style="padding: 1px 4px 0px 0px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 0px; color: #051273; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 0px; color: #051273; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Addition on right-to-use
  assets and leases payable</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">147</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">342</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">257 </font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Addition on contractual
  assets with customers - exclusive rights</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(61)</font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">6 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">67 </font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Reclassification between
  financial assets and investment in associates</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-<font style="mso-spacerun: yes;">&nbsp;&nbsp; </font></font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">645 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-<font style="mso-spacerun: yes;">&nbsp;&nbsp; </font></font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Transfer between trade
  receivables and other assets accounts</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-<font style="mso-spacerun: yes;">&nbsp;&nbsp; </font></font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-<font style="mso-spacerun: yes;">&nbsp;&nbsp; </font></font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">26 </font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Issuance of shares related to
  the subscription warrants - indemnification - Extrafarma acquisition</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">6 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">6 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">0 </font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Acquisition of property,
  plant and equipment and intangible assets without cash effect</font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">3 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">42 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">104 </font></td>


</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Withdrawal of judicial
  deposits related to tax contingencies<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td style="padding: 1px 4px 0px 0px; color: windowtext; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #8d8b8c !important; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">610 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #8d8b8c !important; border-left-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">610 </font></td>
<td style="padding: 1px 4px 0px 0px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #8d8b8c !important; border-right-color: #8d8b8c !important;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">-<font style="line-height: inherit;">&nbsp;&nbsp;</font></font></td>


</tr>























</table>
<p style="font-size: 11pt; line-height: 1.2; margin: 0pt; text-align: left;"><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'>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;"><a href="#TOC"></a><br></div>




















</div>
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #00458c; font-size: 18pt;">4Q24</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>













</tr>






























































</table>
<p style="margin:0pt"><br></p>
<p style="text-align: right; margin: 0pt 0pt 4pt; text-indent: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">R$ million</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="height: 240px; border-collapse: collapse; width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">







<tr style="height: 0px;">
<td rowspan="2" height="64" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; background: #00458c; font-size: 10pt; text-align: center; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;</font>IPIRANGA -
  Working capital<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td rowspan="2" style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; background: #8d8b8c; height: 10px; font-size: 10pt; text-align: center; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;</font>Dec 24<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td rowspan="2" style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #8d8b8c; height: 10px; font-size: 10pt; text-align: center; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;</font>Dec 23<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td rowspan="2" style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #8d8b8c; height: 10px; font-size: 10pt; text-align: center; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Sep 24</font></td>













</tr>
<tr></tr>
<tr style="height: 5px;">
<td height="12" style="height: 5px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #1f497d; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 5px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #1f497d; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 5px; font-size: 10pt;"></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #1f497d; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 5px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; width: 70%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Operating assets</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #051273; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; width: 10%; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #051273; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; width: 10%;"></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #051273; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; width: 10%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Trade receivables</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,413 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,860 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,442 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Non-current trade receivables</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">773 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">553 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">691 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Inventories</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,702 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,101 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,525 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Taxes</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,468 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,070 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,703 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Contractual assets with customers -
  exclusive rights</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,132 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,261 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,142 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">863 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">822 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">957 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Right-of-use assets</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">912 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">931 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">923 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Property, plant and equipment /
  Intangibles / Investments</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,446 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,039 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,633 </font></td>













</tr>
<tr style="height: 10px;">
<td height="20" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total operating assets</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">20,709 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">21,638 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;">21,017 </font></td>













</tr>
<tr style="height: 5px;">
<td height="16" style="height: 5px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt;"></td>
<td style="padding: 1px 4px 0px 1px; color: #000000; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 5px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 1px; color: #000000; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 5px; font-size: 10pt; text-align: right;"></td>
<td style="padding: 1px 4px 0px 1px; color: #000000; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 5px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Operating liabilities</font></td>
<td style="padding: 1px 4px 0px 1px; color: #051273; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 1px; color: #051273; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"></td>
<td style="padding: 1px 4px 0px 1px; color: #051273; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Trade payables</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,101 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,359 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,977 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Salaries and related charges</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">265 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">269 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">242 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Post-employment benefits</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">217 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">258 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">272 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Taxes</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">114 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">141 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">111 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Judicial provisions</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">382 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">429 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">414 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Leases payable</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">741 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">734 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">734 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">758 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,844 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,139 </font></td>













</tr>
<tr style="height: 10px;">
<td height="20" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total operating liabilities</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,578 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">9,034 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,888 </font></td>













</tr>


































</table>
<p style="font-size: 11pt; line-height: 108%; margin: 0pt; text-align: left;"><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'>120</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;"><a href="#TOC"></a><br></div>




















</div>
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #00458c; font-size: 18pt;">4Q24</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>













</tr>






























































</table>
<p style="font-size: 11pt; line-height: 108%; margin: 0pt 0pt 4pt; text-align: right; text-indent: 0pt;"><font style="font-size: 10pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></font></p>
<p style="font-size: 11pt; line-height: 108%; margin: 0pt 0pt 4pt; text-align: right; text-indent: 0pt;"><font style="font-size: 10pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">R$ million</font></font><br></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="height: 325px; border-collapse: collapse; width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">







<tr style="height: 10px;">
<td rowspan="2" height="68" style="height: 20px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; background: #00458c; font-size: 10pt; text-align: center; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font>IPIRANGA -
  Income statement<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td colspan="3" style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #00458c; height: 10px; font-size: 10pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font>Quarter<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td colspan="2" style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #00458c; height: 10px; font-size: 10pt; text-align: center; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 9pt;">Year</font></td>













</tr>
<tr style="height: 10px;">
<td height="37" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; background: #8d8b8c; font-size: 10pt; text-align: center; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font>4Q24<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #8d8b8c; height: 10px; font-size: 10pt; text-align: center; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font>4Q23<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #8d8b8c; height: 10px; font-size: 10pt; text-align: center; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 9pt;">3Q24</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #8d8b8c; height: 10px; font-size: 10pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font>2024<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #8d8b8c; height: 10px; font-size: 10pt; text-align: center; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font>2023<font style="mso-spacerun: yes;">&nbsp;</font></font></td>













</tr>
<tr style="height: 5px;">
<td height="7" style="height: 5px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #1f497d; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 5px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 5px; font-size: 10pt;"></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 5px; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 5px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 5px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; width: 50%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net revenues</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; width: 10%; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">32,097 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; width: 10%; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">30,652 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; width: 10%; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">32,115 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; width: 10%; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">121,336 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; width: 10%; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom: 1pt solid #00458c; border-top-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;">114,552 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cost of products sold and
  services provided</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(29,789)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(28,280)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(30,610)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(114,730)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(108,074)</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Gross profit</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,308 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,372 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,505 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,606 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,478 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 3px 1px 0px 12px; color: #262626; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Operating expenses</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 18px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Selling and marketing</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(439)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(474)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(508)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,886)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,615)</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 18px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">General and administrative</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(291)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(365)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(244)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,133)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,318)</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Results from disposal of
  assets</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">63 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">14 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">31 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">168 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">171 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other operating income
  (expenses), net</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(115)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(131)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(124)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(514)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(657)</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Operating income</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,528</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,417 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">661 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,242</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,057 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 7px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Share of profit (loss) of subsidiaries,
  joint ventures and associates</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(3)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;</font>(3)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(9)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(8)</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Adjusted EBITDA</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,841</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,757 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">967 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>4,445</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,298 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 7px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Non-recurring<font style="font-size: 8pt;"><sup>1</sup></font></font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(997)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(597)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(31)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,101)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(752)</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Recurring Adjusted EBITDA</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">844</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,160 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">936 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,343</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,546 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 7px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Depreciation and amortization<font style="font-size: 8pt;"><sup>2</sup></font></font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">316 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">344 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">309 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,212 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,248 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 3px 1px 0px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">RATIOS</font></td>
<td style="padding: 1px 4px 0px 1px; color: #051273; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 1px; color: #051273; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"></td>
<td style="padding: 1px 4px 0px 1px; color: #051273; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 1px; color: #051273; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 1px; color: #051273; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Gross margin (R$/m&#179;)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">384 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">389 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">246 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">280 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">280 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Operating margin (R$/m&#179;)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">254 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">232 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">108 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">138</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">132 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Adjusted EBITDA margin (R$/m&#179;)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">306 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">288 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">158 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">189 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">186 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Recurring Adjusted EBITDA margin (R$/m&#179;)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">140 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">190 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">153 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">142 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">153 </font></td>













</tr>
<tr style="height: 10px;">
<td height="25" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Number of service stations</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,860 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,877 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,871 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Number of employees<font style="font-size: 8pt;"><sup>3</sup></font></font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8c8b8d !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,834 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,058 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,834 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8c8b8d !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8c8b8d !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></td>













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</table>
<p style="font-size: 11pt; line-height: 108%; margin: 0pt; text-align: left;"><br></p>
<p style="font-size: 11pt; line-height: 1.1; margin: 0pt; text-align: left;"><font style="font-size: 8pt; line-height: inherit;"><sup>1</sup>Non-recurring items described in the EBITDA calculation table &#8211; page 3</font></p>
<p style="font-size: 11pt; line-height: 1.1; margin: 0pt; text-align: left;"><font style="font-size: 8pt; line-height: inherit;"><font style="line-height: inherit;"><sup>2</sup></font>Includes amortization with contractual assets with customers - exclusive rights</font></p>
<p style="font-size: 11pt; line-height: 1.1; margin: 0pt; text-align: left;"><font style="font-size: 8pt; line-height: inherit;"><font style="line-height: inherit;"><sup>3</sup></font>Number of employees for 2023 was revised to reflect new criteria (includes only active employees and employees on leave for up to 12 months)</font></p>
<p style="font-size: 11pt; line-height: 108%; margin: 0pt; text-align: left;"><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>




















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<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
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<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #00458c; font-size: 18pt;">4Q24</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>













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</table>
<p style="font-size: 11pt; line-height: 108%; margin: 0pt; text-align: center;"><br></p>
<p style="font-size: 11pt; line-height: 108%; margin: 0pt 0pt 4pt; text-align: right; text-indent: 0pt;"><font style="font-size: 10pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">R$ million</font></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse; width: 100%; margin-left: 0.1px; height: 250px; font-family: 'times new roman'; font-size: 10pt;">






<tr style="height: 0px;">
<td rowspan="2" height="64" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; background: #00458c; font-size: 10pt; text-align: center; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font>ULTRAGAZ -
  Working capital<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td rowspan="2" style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; background: #8d8b8c; font-size: 10pt; height: 10px; text-align: center; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font>Dec 24<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td rowspan="2" style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #8d8b8c; font-size: 10pt; height: 10px; text-align: center; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font>Dec 23<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td rowspan="2" style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #8d8b8c; font-size: 10pt; height: 10px; text-align: center; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 9pt;">Sep 24</font></td>













</tr>
<tr></tr>
<tr style="height: 10px;">
<td height="12" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #1f497d; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #1f497d; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px;"></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #1f497d; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; width: 70%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Operating assets</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #051273; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; width: 10%; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #051273; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; width: 10%;"></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #051273; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; width: 10%; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 18px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Trade receivables</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">614 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">536 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">646 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 18px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Non-current trade receivables</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">20 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">11 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">19 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 18px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Inventories</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">202 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">178 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">204 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 18px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Taxes</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">206 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">126 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">149 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 18px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Escrow deposits</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">101 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">259 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">256 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 18px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Energy trading futures contracts</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">405 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-<font style="mso-spacerun: yes;">&nbsp;&nbsp; </font></font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">345 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 18px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">121 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">95 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">95 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 18px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Right-of-use assets</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">152 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">150 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">152 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 18px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Property, plant and equipment / Intangibles</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,900 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,721 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,842 </font></td>













</tr>
<tr style="height: 10px;">
<td height="20" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total operating assets</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,720 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,076 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,707 </font></td>













</tr>
<tr style="height: 10px;">
<td height="13" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"></td>
<td style="padding: 1px 4px 0px 1px; color: #000000; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 1px; color: #000000; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"></td>
<td style="padding: 1px 4px 0px 1px; color: #000000; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Operating liabilities</font></td>
<td style="padding: 1px 4px 0px 1px; color: #051273; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 1px; color: #051273; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"></td>
<td style="padding: 1px 4px 0px 1px; color: #051273; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 18px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Trade payables</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">282 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">234 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">257 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 18px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Salaries and related charges</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">121 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">124 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">140 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 18px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Taxes</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">17 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">11 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">18 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 18px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Judicial provisions</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">15 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">163 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">159 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 18px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Leases payable</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">189 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">188 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">189 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 18px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Energy trading futures contracts</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">115 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-<font style="mso-spacerun: yes;">&nbsp;&nbsp; </font></font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">149 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 18px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">110 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">62 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">74 </font></td>













</tr>
<tr style="height: 10px;">
<td height="20" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total operating liabilities</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">850 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">781 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;">986 </font></td>













</tr>
































</table>
<p style="font-size: 11pt; line-height: 108%; margin: 0pt; text-align: left;"><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;"><a href="#TOC"></a><br></div>




















</div>
<table style="width: 99.9182%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #00458c; font-size: 18pt;">4Q24</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>













</tr>






























































</table>
<p style="font-size: 11pt; line-height: 108%; margin: 0pt; text-align: left;"><br></p>
<p style="font-size: 11pt; line-height: 108%; margin: 0pt 0pt 4pt; text-align: right; text-indent: 0pt;"><font style="font-size: 10pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">R$ million</font></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse; width: 100%; margin-left: 0.1px; height: 392px; font-family: 'times new roman'; font-size: 10pt;">






<tr style="height: 10px;">
<td rowspan="2" height="68" style="height: 20px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: center; background: #00458c; font-size: 10pt; width: 49.9626%; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;</font>ULTRAGAZ -
  Income statement<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td colspan="3" style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: center; background: #00458c; font-size: 10pt; height: 10px; width: 30.0672%; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;</font>Quarter<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td colspan="2" style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: center; background: #00458c; font-size: 10pt; height: 10px; width: 20.0448%; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Year</font></td>













</tr>
<tr style="height: 10px;">
<td height="37" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: center; background: #8d8b8c; font-size: 10pt; width: 10.0224%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;</font>4Q24<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: center; background: #8d8b8c; font-size: 10pt; height: 10px; width: 10.0224%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;</font>4Q23<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: center; background: #8d8b8c; font-size: 10pt; height: 10px; width: 10.0224%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3Q24</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: center; background: #8d8b8c; font-size: 10pt; height: 10px; width: 10.0224%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;</font>2024<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: center; background: #8d8b8c; font-size: 10pt; height: 10px; width: 10.0224%; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;</font>2023<font style="mso-spacerun: yes;">&nbsp;</font></font></td>













</tr>
<tr style="height: 5px;">
<td height="19" style="height: 5px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; width: 49.9626%;"></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #1f497d; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; background: #d9e5f1; font-size: 10pt; height: 5px; width: 10.0224%; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 5px; width: 10.0224%;"></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 5px; width: 10.0224%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 5px; width: 10.0224%; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 5px; width: 10.0224%; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left; font-size: 10pt; width: 49.9626%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net revenues</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,068 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,555 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,027 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">11,288 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10,671 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: left; font-size: 10pt; width: 49.9626%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cost of products sold and
  services provided</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,321)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,021)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,422)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(8,895)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(8,485)</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left; font-size: 10pt; width: 49.9626%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Gross profit</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">747 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">534 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">605 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>2,393 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,186 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 3px 1px 0px; color: #262626; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: left; font-size: 10pt; width: 49.9626%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Operating expenses</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right;"></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 18px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: left; font-size: 10pt; width: 49.9626%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Selling and marketing</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(176)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(165)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(162)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(607)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(627)</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 18px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: left; font-size: 10pt; width: 49.9626%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">General and administrative</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(95)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(69)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(79)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(344)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(298)</font></td>













</tr>
<tr style="height: 21px;">
<td height="28" style="height: 21px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: left; font-size: 10pt; width: 49.9626%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Results from disposal of
  assets</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">0 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">13 </font></td>













</tr>
<tr style="height: 21px;">
<td height="28" style="height: 21px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: left; font-size: 10pt; width: 49.9626%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other operating income
  (expenses), net</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">45 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">13 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">83 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">20 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left; font-size: 10pt; width: 49.9626%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Operating income</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">524 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">309 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">377 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,529 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,294 </font></td>













</tr>
<tr style="height: 21px;">
<td height="28" style="height: 21px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: left; font-size: 10pt; width: 49.9626%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp; </font>Share of profit (loss) of subsidiaries,
  joint ventures and associates</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">0 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(0)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">0 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">0 </font></td>













</tr>
<tr style="height: 21px;">
<td height="28" style="height: 21px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: left; font-size: 10pt; width: 49.9626%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp; </font>MTM of energy futures contracts<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(64)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-<font style="mso-spacerun: yes;">&nbsp;&nbsp; </font></font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-<font style="mso-spacerun: yes;">&nbsp;&nbsp; </font></font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(64)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-<font style="mso-spacerun: yes;">&nbsp;&nbsp; </font></font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left; font-size: 10pt; width: 49.9626%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Adjusted EBITDA</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">554 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">406 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">448 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,817 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,648 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 18px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: left; font-size: 10pt; width: 49.9626%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Non-recurring<font style="font-size: 8pt;"><sup>1</sup></font></font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(113)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-<font style="mso-spacerun: yes;">&nbsp;&nbsp; </font></font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-<font style="mso-spacerun: yes;">&nbsp;&nbsp; </font></font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(130)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left; font-size: 10pt; width: 49.9626%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Recurring Adjusted EBITDA</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">441 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">406 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">448 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,687 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,648 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: left; font-size: 10pt; width: 49.9626%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp; </font>Depreciation and amortization<font style="font-size: 8pt;"><sup>2</sup></font></font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">94 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">97 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">71 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">351 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">354 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 3px 1px 0px; color: windowtext; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; width: 49.9626%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">RATIOS</font></td>
<td style="padding: 1px 4px 0px 1px; color: #051273; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 1px; color: #051273; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right;"></td>
<td style="padding: 1px 4px 0px 1px; color: #051273; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 1px; color: #051273; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 1px; color: #051273; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>













</tr>
<tr style="height: 21px;">
<td height="28" style="height: 21px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: left; font-size: 10pt; width: 49.9626%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp; </font>Gross margin (R$/ton)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,715 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,262 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,280 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,370 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,258 </font></td>













</tr>
<tr style="height: 21px;">
<td height="28" style="height: 21px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; width: 49.9626%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp; </font>Operating margin (R$/ton)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,204 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">730 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">798 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">875 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">745 </font></td>













</tr>
<tr style="height: 21px;">
<td height="28" style="height: 21px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; width: 49.9626%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp; </font>Adjusted EBITDA margin (R$/ton)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,272 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">960 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">948 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,040 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">948 </font></td>













</tr>
<tr style="height: 21px;">
<td height="28" style="height: 21px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; width: 49.9626%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp; </font>Recurring Adjusted EBITDA margin (R$/ton)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,014 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">960 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">948 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">966 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 21px; width: 10.0224%; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">948 </font></td>













</tr>
<tr style="height: 10px;">
<td height="27" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: left; font-size: 10pt; width: 49.9626%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Number of employees<font style="font-size: 8pt;"><sup>3</sup></font></font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8c8b8d !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,711 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,566 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,745 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8c8b8d !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><br></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; width: 10.0224%; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8c8b8d !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><br></td>













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</table>
<p style="font-size: 11pt; line-height: 108%; margin: 0pt; text-align: left;"><br></p>
<p style="font-size: 11pt; line-height: 108%; margin: 0pt; text-align: left;"><font style="font-size: 8pt;"><sup>1</sup>Non-recurring items described in the EBITDA calculation table &#8211; page 3</font></p>
<p style="font-size: 11pt; line-height: 108%; margin: 0pt; text-align: left;"><font style="font-size: 10pt;"><font style="white-space: pre;"><font style="font-size: 8pt;"><sup>2</sup>Includes amortization with contractual assets with customers - exclusive rights</font></font></font></p>
<p style="font-size: 11pt; line-height: 108%; margin: 0pt; text-align: left;"><font style="font-size: 10pt;"><font style="white-space: pre;"><font style="font-size: 8pt;"><sup>3</sup>Number of employees for 2023 was revised to reflect new criteria (includes only active employees and employees on leave for up to 12 months)</font></font></font></p>
<p style="font-size: 11pt; line-height: 108%; margin: 0pt; text-align: left;"><font style="font-size: 10pt;"><br></font></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'>123</font></font></td>

















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<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #00458c; font-size: 18pt;">4Q24</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>













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<p style="font-size: 11pt; line-height: 108%; margin: 0pt; text-align: center;"><br></p>
<p style="font-size: 11pt; line-height: 108%; margin: 0pt 0pt 4pt; text-align: right; text-indent: 0pt;"><font style="font-size: 10pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">R$ million</font></font><br></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="height: 271px; border-collapse: collapse; width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">





<tr style="height: 0px;">
<td rowspan="2" height="54" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: center; background: #00458c; font-size: 10pt; border-bottom: 1pt solid #00458c;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font>ULTRACARGO
  - Working capital<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td rowspan="2" style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: center; background: #8d8b8c; height: 10px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; border-bottom: 1pt solid #00458c; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font>Dec 24<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td rowspan="2" style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: center; background: #8d8b8c; height: 10px; font-size: 10pt; border-bottom: 1pt solid #00458c;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font>Dec 23<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td rowspan="2" style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: center; background: #8d8b8c; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-bottom: 1pt solid #00458c; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 9pt;">Sep 24</font></td>













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<tr></tr>
<tr style="height: 10px;">
<td height="12" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: center; font-size: 10pt;"></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #1f497d; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: center; background: #d9e5f1; height: 10px; font-size: 10pt; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #1f497d; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: center; height: 10px; font-size: 10pt;"></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #1f497d; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: center; height: 10px; font-size: 10pt; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: windowtext; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; width: 70%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Operating assets</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #051273; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; width: 10%; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #051273; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; width: 10%;"></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #051273; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; width: 10%; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>













</tr>
<tr style="height: 21px;">
<td height="28" style="height: 21px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: left; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Trade receivables</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 21px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">47 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 21px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">32 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 21px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">45 </font></td>













</tr>
<tr style="height: 21px;">
<td height="28" style="height: 21px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: left; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Inventories</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 21px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">13 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 21px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 21px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">13 </font></td>













</tr>
<tr style="height: 21px;">
<td height="28" style="height: 21px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: left; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Taxes</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 21px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 21px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">7 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 21px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4 </font></td>













</tr>
<tr style="height: 21px;">
<td height="28" style="height: 21px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: left; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 21px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">37 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 21px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">88 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 21px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">47 </font></td>













</tr>
<tr style="height: 21px;">
<td height="28" style="height: 21px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: left; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Right-of-use assets</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 21px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">600 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 21px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">623 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 21px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">609 </font></td>













</tr>
<tr style="height: 21px;">
<td height="28" style="height: 21px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: left; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Property, plant and equipment / Intangibles
  / Investments</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 21px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,710 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 21px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,194 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 21px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,470 </font></td>













</tr>
<tr style="height: 10px;">
<td height="20" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total operating assets</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,409 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,955 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,187 </font></td>













</tr>
<tr style="height: 10px;">
<td height="13" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"></td>
<td style="padding: 1px 4px 0px 1px; color: #000000; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 1px; color: #000000; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"></td>
<td style="padding: 1px 4px 0px 1px; color: #000000; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: windowtext; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Operating liabilities</font></td>
<td style="padding: 1px 4px 0px 1px; color: #051273; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 1px; color: #051273; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"></td>
<td style="padding: 1px 4px 0px 1px; color: #051273; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: left; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Trade payables</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">134 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">89 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">76 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: left; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Salaries and related charges</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">49 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">49 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">45 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: left; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Taxes</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">20 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">15 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">16 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: left; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Judicial provisions</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">15 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">17 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">16 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: left; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Leases payable</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">546 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">593 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">557 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 1px 1px 0px 12px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: left; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other<font style="font-size: 8pt;"><sup>1</sup></font></font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; height: 10px; font-size: 10pt; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">29 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">35 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; font-size: 10pt; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">38 </font></td>













</tr>
<tr style="height: 15px;">
<td height="20" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total operating liabilities</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 15px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">794 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 15px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">799 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; height: 15px; font-size: 10pt; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">749 </font></td>













</tr>































</table>
<p style="font-size: 11pt; line-height: 108%; margin: 0pt; text-align: left;"><font style="font-size: 10pt;"><br></font></p>
<p style="font-size: 11pt; line-height: 108%; margin: 0pt; text-align: left;"><font style="font-size: 10pt;"><font style="font-size: 8pt;"><sup>1</sup>Includes the long term obligations with clients account</font></font><br></p>
<p style="font-size: 11pt; line-height: 108%; margin: 0pt; text-align: left;"><font style="font-size: 10pt;"><font style="font-size: 8pt;"><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'>124</font></font></td>




















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<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="color: #00458c; font-size: 18pt;">4Q24</font></td>
<td style="height: 10px; vertical-align: top; width: 43.9853%;" valign="top"><img src="imgb2a6e5f81c004be585bc.jpg" style="float: right;" alt="Graphics"></td>













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<p style="font-size: 11pt; line-height: 108%; margin: 0pt; text-align: left;"><br></p>
<p style="font-size: 11pt; line-height: 108%; margin: 0pt 0pt 4pt; text-align: right; text-indent: 0pt;"><font style="font-size: 10pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">R$ million</font></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse; width: 100%; margin-left: 0.1px; height: 237px; font-family: 'times new roman'; font-size: 10pt;">






<tr style="height: 10px;">
<td rowspan="2" height="68" width="751" style="height: 20px; width: 564pt; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; background: #00458c; font-size: 10pt; text-align: center; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font>ULTRACARGO
  - Income statement<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td colspan="3" width="291" style="width: 219pt; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #00458c; font-size: 10pt; height: 10px; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font>Quarter<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td colspan="2" width="186" style="width: 140pt; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #00458c; font-size: 10pt; height: 10px; text-align: center; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 9pt;">Year</font></td>













</tr>
<tr style="height: 10px;">
<td height="37" width="97" style="height: 10px; width: 73pt; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; background: #8d8b8c; font-size: 10pt; text-align: center; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font>4Q24<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #8d8b8c; font-size: 10pt; height: 10px; text-align: center; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font>4Q23<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #8d8b8c; font-size: 10pt; height: 10px; text-align: center; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c;"><font style="font-family: 'times new roman', times; font-size: 9pt;">3Q24</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #8d8b8c; font-size: 10pt; height: 10px; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font>2024<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #8d8b8c; font-size: 10pt; height: 10px; text-align: center; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font>2023<font style="mso-spacerun: yes;">&nbsp;</font></font></td>













</tr>
<tr style="height: 5px;">
<td height="17" style="height: 5px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #1f497d; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 5px; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 5px;"></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 5px; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 5px; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net revenues</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">283 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">257 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">266 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,076 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,016 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp; </font>Cost of products sold and services provided</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(102)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(92)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(97)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(387)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(356)</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Gross profit</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">181 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">165 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">169 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">689 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">660 </font></td>













</tr>
<tr style="height: 21px;">
<td height="28" style="height: 21px; padding: 3px 1px 0px; color: #262626; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Operating expenses</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 21px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 21px; text-align: right;"></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 21px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 21px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 21px; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>













</tr>
<tr style="height: 21px;">
<td height="28" style="height: 21px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp; </font>Selling and marketing</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 21px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 21px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 21px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(3)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 21px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(11)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 21px; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(11)</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp; </font>General and administrative</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(50)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(44)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(43)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(177)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(167)</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Results from disposal of
  assets</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">0 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">0 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(0)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(0)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">0 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other operating income
  (expenses), net</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(0)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">14 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Operating income</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">132 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">118 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">130 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">515 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">483 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 3px 1px 0px; color: #262626; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total share of profit (loss)
  of subsidiaries, joint ventures and associates</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 18px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Share of profit (loss) of
  subsidiaries, joint ventures and associates</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">0 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 18px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Amortization of fair value
  adjustments on associates acquisition</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(0)</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-<font style="mso-spacerun: yes;">&nbsp;&nbsp; </font></font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(0)</font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2)</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; text-align: center; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-<font style="mso-spacerun: yes;">&nbsp;&nbsp; </font></font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Adjusted EBITDA</font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">169 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">155 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">168 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">668 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #00458c; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">631 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp; </font>Depreciation and amortization<font style="font-size: 8pt;"><sup>1</sup></font></font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">37 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">35 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">39 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">151 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">136 </font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding: 3px 1px 0px; color: windowtext; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">RATIOS</font></td>
<td style="padding: 1px 4px 0px 1px; color: #051273; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 1px; color: #051273; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"></td>
<td style="padding: 1px 4px 0px 1px; color: #051273; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 1px; color: #051273; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>
<td style="padding: 1px 4px 0px 1px; color: #051273; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></td>













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<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: white; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;&nbsp; </font>Gross margin (%)</font></td>
<td align="right" style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">64.0%</font></td>
<td align="right" style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">64.1%</font></td>
<td align="right" style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">63.5%</font></td>
<td align="right" style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">64.1%</font></td>
<td align="right" style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">65.0%</font></td>













</tr>
<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;&nbsp; </font>Operating margin (%)</font></td>
<td align="right" style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">46.5%</font></td>
<td align="right" style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">45.9%</font></td>
<td align="right" style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">48.8%</font></td>
<td align="right" style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">47.9%</font></td>
<td align="right" style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">47.6%</font></td>













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<tr style="height: 10px;">
<td height="28" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;&nbsp; </font>Adjusted EBITDA margin (%)</font></td>
<td align="right" style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">59.9%</font></td>
<td align="right" style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">60.2%</font></td>
<td align="right" style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">63.2%</font></td>
<td align="right" style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">62.1%</font></td>
<td align="right" style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">62.1%</font></td>













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<tr style="height: 10px;">
<td height="37" style="height: 10px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Number of employees<font style="font-size: 8pt;"><sup>2</sup></font></font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #8c8b8d !important; border-left-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">843 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">856 </font></td>
<td style="padding: 1px 4px 0px 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8c8b8d !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">842 </font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: bold; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; background: #d9e5f1; font-size: 10pt; height: 10px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8c8b8d !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8c8b8d !important;"><br></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #262626; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; font-size: 10pt; height: 10px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8c8b8d !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8c8b8d !important;"><br></td>













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<p style="font-size: 11pt; line-height: 108%; margin: 0pt; text-align: left;"><br></p>
<p style="font-size: 11pt; line-height: 1.1; margin: 0pt; text-align: left;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-size: 8pt; line-height: inherit;"><sup>1</sup>Includes amortization of fair value adjustments on associates acquisition</font></font></p>
<p style="font-size: 11pt; line-height: 1.1; margin: 0pt; text-align: left;"><font style="font-size: 8pt; line-height: inherit;"><sup>2</sup>Number of employees for 2023 was revised to reflect new criteria (includes only active employees and employees on leave for up to 12 months)</font></p>
<p style="font-size: 11pt; line-height: 108%; margin: 0pt; text-align: left;"><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'>125</font></font></td>

















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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">ULTRAPAR PARTICIPA&#199;&#213;ES S.A.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<h2 style="font-size: 10pt; line-height: 150%; margin: 0px; break-after: avoid; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Publicly</font> <font style="font-weight: bold; line-height: inherit;">Traded</font> <font style="font-weight: bold; line-height: inherit;">Company</font></font></h2>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<p style="font-size: 10pt; line-height: 150%; margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>CNPJ </font><font>Nr</font><font>.</font><font> 33.256.439/0001-39</font></font></p>







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<p style="font-size: 10pt; line-height: 150%; margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">NIRE 35.300.109.724</font></p>







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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: center;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BMBOD_2512025211952920" class="customBookmark"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS</font> </font></a></div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Date, Hour and Place</font><font style="line-height: inherit;">:</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">February </font><font style="line-height: inherit;">2</font><font style="line-height: inherit;">6</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;"> 202</font><font style="line-height: inherit;">5</font><font style="line-height: inherit;">, </font><font style="line-height: inherit;">at 10:</font><font style="line-height: inherit;">0</font><font style="line-height: inherit;">0 a.m., </font><font style="line-height: inherit;">at the Company&#8217;s headquarters, located at Brigadeiro Lu&#237;s Ant&#244;nio Avenue, Nr. 1,343, 9th floor, in the City and State of S&#227;o Paulo</font><font style="line-height: inherit;">, </font><font style="line-height: inherit;">also contemplating participation through Microsoft Teams</font><font style="line-height: inherit;">.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Members in attendance</font><font style="line-height: inherit;">:</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="line-height: inherit;">(i) </font><font style="line-height: inherit;">Members of the Board of Directors undersigned</font><font style="line-height: inherit;">; (ii) </font><font style="line-height: inherit;">Secretary of the Board of Directors, Ms. Denize Sampaio Bicudo</font><font style="line-height: inherit;">; (iii) </font><font style="line-height: inherit;">Chief Executive Officer, Mr. Marcos Marinho Lutz; (iv) </font><font style="line-height: inherit;">Chief Financial and Investor Relations Officer, Mr. Rodrigo de Almeida Pizzinatto; and (v) in relation to item 1, other executive officers of the Company, </font><font style="line-height: inherit;">namely, </font><font style="line-height: inherit;">Mrs.</font><font style="line-height: inherit;"> D&#233;cio de Sampaio </font><font style="line-height: inherit;">Amaral</font><font style="line-height: inherit;">, Leonardo Remi&#227;o&nbsp;Linden</font>&nbsp;<font style="line-height: inherit;">and</font> <font style="line-height: inherit;">Tabajara</font><font style="line-height: 1.2; margin: 0pt; text-align: justify;"> Bertelli <font style="font-family: 'times new roman', times; font-size: 10pt;">Costa</font></font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>;</font>
















<font>the President of the Fiscal Council, Mr. Fl&#225;vio Cesar
Maia Luz; and Mr. Pedro Guedes Rabelo, Director of Ipiranga</font><font>.&nbsp; </font></font><font style="line-height: inherit;">&nbsp; </font></font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Matters discussed and resolutions</font><font style="line-height: inherit;">:</font></font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<td style="height: 51px; vertical-align: top; width: 2%;" valign="top">1.</td>
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<p style="line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The members of the Board of Directors approved, after being examined and discussed, the financial statements of the Company, including the balance sheet and the management report for the fiscal year ended on December 31,&nbsp;2024,&nbsp;as well as the allocation of the net&nbsp;income&nbsp;for the year and the distribution of dividends, supported by the independent auditors&#8217; report, and recommended their approval by the Annual General Shareholders&#8217; Meeting.</font></p>






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<td style="height: 34px; 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: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">2.&nbsp;</font></td>
<td style="height: 34px; text-align: justify;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">The Board of Directors approved,<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">ad</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>referendum to the Annual General Shareholders&#8217; Meeting, the following destination of the net<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">income</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">for the year ended on December 31,<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">202</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">4</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">,<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">in the amount of<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">R$</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>2</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">,</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">362,</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">7</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">3</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">9</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">,</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">882.29</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">(</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">two billion,<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">three</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>hundred and<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">sixty-two</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>million, seven hundred and<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">thirty-</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">nine thousand,<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">eight</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>hundred and<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">eighty-two</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>Reais and<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">twenty-nine</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>cents of Real</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">)</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">,</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">as described below</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">:</font></td>






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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>126</font></font></td>





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<p style="margin: 0px; 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-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: center; line-height: 1.2;"><br></p>
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<td style="height: 15px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 2%;"><br></td>
<td style="height: 15px; vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 2.5%;" 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: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</font></td>
<td style="height: 15px; text-align: justify; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 95.5%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">R$</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">1</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">18,136,994.11</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">(</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">one hundred and<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">eighteen</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font>&nbsp;</font>million,<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">one</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font>&nbsp;</font>hundred and<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">thirty-six</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font>&nbsp;</font>thousand,<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">nine</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font>&nbsp;</font>hundred and<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">ninety-four</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font>&nbsp;</font>Reais<font>&nbsp;</font>and<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">eleven</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font>&nbsp;</font>cents of Real</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">)</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">will be allocated to the legal<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">reserve</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">;</font></td>






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<td style="text-align: justify; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;">&nbsp;</td>






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<td style="height: 15px; vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;" 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: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</font></td>
<td style="height: 15px; text-align: justify; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">R$</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>1</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">,</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">475,331,276.73</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">(</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">one billion,<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">four</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>hundred and</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>seventy-five</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>million, three hundred and<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">thirty-one</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>thousand,<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">two</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>hundred and<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">seventy-six</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>Reais<font style="line-height: inherit;">&nbsp;</font>and<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">seventy-three</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>cents of Real</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">)</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">will</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>be allocated to the statutory reserve for investments; and</font></td>






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<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="text-align: justify; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>






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<td style="height: 15px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="height: 15px; vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;" 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: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(iii)</font></td>
<td style="height: 15px; text-align: justify; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">R$ 769,271,611.45 (seven hundred and sixty-nine million, two hundred and seventy-one thousand, six hundred and eleven Reais and forty-five cents of Real) will be allocated to the payment of dividends to holders of common shares, of which (i) R$ 275,970,941.50 (two hundred and seventy-five million, nine hundred and seventy thousand, nine hundred and forty-one Reais and fifty cents of Real) were paid as interim dividends as approved by the Board of Directors on August 7, 2024, in the proportion of R$ 0.25 (twenty-five cents of Real) per share; and (ii) R$ 493,300,669.95 (four hundred and ninety-three million, three hundred thousand, six hundred and sixty-nine Reais and ninety-five cents of Real) shall be paid to the shareholders as outstanding amount of the dividends approved herein, as of March 14, 2025, without remuneration or monetary adjustment, in the proportion of R$ 0.45 (forty-five cents of Real) per share.</font></td>






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<td style="width: 2%; vertical-align: top; height: 31px;" valign="top">3.</td>
<td style="width: 98%; text-align: justify; height: 31px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">It was also determined that the record dates for receiving the dividend</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">s</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>approved herein will be March<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">6</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">,</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">202</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">5</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">in Brazil and<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">March<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">1</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">0</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">,</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>202</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">5</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">in the United States of America. The Company&#8217;s shares will be traded &#8220;</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-style: italic; line-height: inherit;">ex-dividends</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#8221; on B3 S.A. &#8211;<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Brasil</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">,<font style="line-height: inherit;">&nbsp;</font>Bolsa<font style="line-height: inherit;">&nbsp;</font>e<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Balc&#227;o</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">from and including March 7,<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">2025</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>onwards<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">and on the New York Stock Exchange from and including</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">March<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">10</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">,</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>202</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">5</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">onwards</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">.</font></td>






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<td style="height: 63px; vertical-align: top; width: 2%;" valign="top">4.</td>
<td style="height: 63px; width: 98%; text-align: justify; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">The members of the Board of Directors of the Company confirmed the issuance of 67,679 (sixty seven hundred and sixty hundred and seventy nine) common shares within the limits of the authorized capital stock pursuant to Article 6 of the Company&#8217;s Bylaws, due to partial exercise of the subscription warrants issued by the Company as of the approval of the merger of shares issued by Imifarma Produtos Farmac&#234;uticos e Cosm&#233;ticos S.A. by the Company, approved on the Extraordinary Shareholders&#8217; Meeting held in January 31, 2014. The management of the Company shall provide the necessary subscription bulletins for signing and formalization of the new shares&#8217; subscription by the referred subscription warrants holders. The common shares will have the same rights assigned to the other shares previously issued by the Company.</font></td>






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<td style="height: 15px; width: 98%; text-align: justify;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; line-height: inherit;">The Company&#8217;s capital stock will therefore be represented by<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; line-height: inherit;">1</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; line-height: inherit;">,</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; line-height: inherit;">115</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; line-height: inherit;">,</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; line-height: inherit;">507,182</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>(</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; line-height: inherit;">one billion, one hundred and fifteen million, f</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; line-height: inherit;">ive</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>hundred and<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; line-height: inherit;">seven</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>thousand,<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; line-height: inherit;">one</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>hundred and<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; line-height: inherit;">eighty-two</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; line-height: inherit;">)<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; line-height: inherit;">common shares, all of them nominative with no par value. The adaptation of Article 5 of the Company&#8217;s Bylaws to reflect the new number of shares in which the capital stock of the Company is divided shall be subject<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; line-height: inherit;">to a resolution of the Extraordinary General Shareholders&#8217; Meeting to be called in due course</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; line-height: inherit;">.</font></td>






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<td style="height: 15px; width: 2%; vertical-align: top;" valign="top">5.</td>
<td style="height: 15px; width: 98%; text-align: justify;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">The members of the Board of Directors were updated on the proposals that will be submitted for shareholders&#8217; approval upon the calling of the Annual General and Extraordinary Shareholders&#8217; Meeting and manifested positively to these proposals</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">.</font></td>






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<td style="width: 2%; vertical-align: top;" valign="top">6.</td>
<td style="width: 98%; text-align: justify;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">The members of the Board of Directors approved the calling of the Annual General and Extraordinary Shareholders&#8217; Meeting, that shall</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">be held on April 1</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">6</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">, 2025</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">.</font></td>






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<td style="width: 2%; vertical-align: top;" valign="top">7.</td>
<td style="width: 98%; text-align: justify;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The members of the Board of Directors were updated on the annual report of the Audit and Risks Committee, as well as its recommendations to the Board of Directors.</font></td>






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<td style="width: 2%; vertical-align: top;" valign="top">8.</td>
<td style="width: 98%; text-align: justify;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">Finally,</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font>&nbsp;</font>the Board of Directors approved the changes on the Corporate<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">Nomination Policy for Members of the Board of Directors, Advisory Committees and Executive Officers Board</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">, as proposed by the Executive Board</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font>&nbsp;</font>and endorsed by the</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font>&nbsp;</font>People and Sustainability Committee.</font></td>






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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Notes</font><font style="line-height: inherit;">: The resolutions were approved, with no amendments or qualifications, by all Board Members</font><font style="line-height: inherit;">.</font></font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><br></font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="letter-spacing: 0.8pt; line-height: inherit;">There being no further matters to discuss, the meeting was concluded, and these minutes were written, read, passed, and signed by all the Board members present</font><font style="letter-spacing: 0.8pt; line-height: inherit;">.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0.8pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; letter-spacing: 0.8pt; line-height: inherit;">Jorge Marques de Toledo Camargo </font><font style="letter-spacing: 0.8pt; line-height: inherit;">&#8211; </font><font style="letter-spacing: 0.8pt; line-height: inherit;">Chairman</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0.8pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; letter-spacing: 0.8pt; line-height: inherit;">Marcos Marinho Lutz </font><font style="letter-spacing: 0.8pt; line-height: inherit;">&#8211; </font><font style="letter-spacing: 0.8pt; line-height: inherit;">Vice-</font><font style="letter-spacing: 0.8pt; line-height: inherit;">Chairman</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0.8pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0.8pt; line-height: inherit;">Ana Paula Vitali Janes Vescovi</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0.8pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0.8pt; line-height: inherit;">Fabio Venturelli</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0.8pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0.8pt; line-height: inherit;">Fl&#225;via Buarque de Almeida</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0.8pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0.8pt; line-height: inherit;">Francisco de S&#225; Neto</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0.8pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0.8pt; line-height: inherit;">Jos&#233; Mauricio Pereira Coelho</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; letter-spacing: 0.8pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0.8pt; line-height: inherit;">Marcelo Faria de Lima</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; letter-spacing: 0.8pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0.8pt; line-height: inherit;">Peter Paul Loren&#231;o Estermann</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; letter-spacing: 0.8pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; letter-spacing: 0.8pt; line-height: inherit;">Denize Sampaio Bicud</font><font style="font-weight: bold; letter-spacing: 0.8pt; line-height: inherit;">o </font><font style="letter-spacing: 0.8pt; line-height: inherit;">&#8211; </font><font style="letter-spacing: 0.8pt; line-height: inherit;">Se</font><font style="letter-spacing: 0.8pt; line-height: inherit;">cretary of the Board of Directors</font> </font></p>
<p style="line-height: 16pt; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0.8pt;">&nbsp;</font></p>





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  </div><div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2;">
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">ULTRAPAR PARTICIPA&#199;&#213;ES S.A.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<h2 style="font-size: 10pt; line-height: 150%; margin: 0px; break-after: avoid; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Publicly</font> <font style="font-weight: bold; line-height: inherit;">Traded</font> <font style="font-weight: bold; line-height: inherit;">Company</font></font></h2>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<p style="font-size: 10pt; line-height: 150%; margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">CNPJ </font><font style="line-height: inherit;">Nr</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;"> 33.256.439/0001-39</font></font></p>



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<p style="font-size: 10pt; line-height: 150%; margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">NIRE 35.300.109.724</font></p>



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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: center;"><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BFCM_2512025211519164" class="customBookmark"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">MINUTES OF THE MEETING OF THE </font><font style="font-weight: bold; line-height: inherit;">FISCAL COUNCIL</font> </font></a></div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">Date, Hour and Place</font><font style="line-height: inherit;">:</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">February </font><font style="line-height: inherit;">2</font><font style="line-height: inherit;">6</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;"> 202</font><font style="line-height: inherit;">5</font><font style="line-height: inherit;">, </font><font style="line-height: inherit;">at 1</font><font style="line-height: inherit;">2</font><font style="line-height: inherit;">:</font><font style="line-height: inherit;">0</font><font style="line-height: inherit;">0 a.m., </font><font style="line-height: inherit;">at the Company&#8217;s headquarters, located at Brigadeiro Lu&#237;s Ant&#244;nio Avenue, Nr. 1,343, 9th floor, in the City and State of S&#227;o Paulo</font><font style="line-height: inherit;">. The meeting was held virtually</font><font style="line-height: inherit;"> through Microsoft Teams</font><font style="line-height: inherit;">.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">Members in attendance</font><font style="line-height: inherit;">:</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">Members of the </font><font style="line-height: inherit;">Fiscal Council undersigned</font><font style="line-height: inherit;">.&nbsp; </font><font style="line-height: inherit;">&nbsp; </font></font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">R</font><font style="font-weight: bold; line-height: inherit;">esolutions</font><font style="line-height: inherit;">:</font></font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<td style="width: 98%; height: 12px; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">The members of the Fiscal Council unanimously expressed a favorable opinion about the Company&#8217;s financial statements and management report for the&nbsp;</font><font style="line-height: inherit;">year of</font><font style="line-height: inherit;">&nbsp;2024, as well as the proposal for the destination of net earnings of the year and distribution of dividends to shareholders, after the approval by the Board of Directors of the Company.</font></font></td>


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<td style="height: 10px; text-align: justify;"><font style="font-size: 13.3333px; line-height: inherit;">Pursuant to legal requirements and to its Internal Bylaws, and based on the opinion, with no reservations or amendments, of the external auditors, dated February&nbsp;</font><font style="font-size: 13.3333px; line-height: inherit;">26</font><font style="font-size: 13.3333px; line-height: inherit;">, 202</font><font style="font-size: 13.3333px; line-height: inherit;">5</font><font style="font-size: 13.3333px; line-height: inherit;">, the Fiscal Council issued its report, as attached (Exhibit A).</font></td>


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<td style="height: 48px; text-align: justify;"><font style="font-size: 13.3333px; line-height: inherit;">The members of the Fiscal Council unanimously gave a favorable opinion on the proposal, submitted by the Company's Executive Board, to increase the share capital,&nbsp;</font><font style="font-size: 13.3333px; line-height: inherit;">without issuing new shares, through the incorporation of part of the resources available in the legal reserve and part of the resources available in the statutory reserve for investments and, in compliance with the attribution conferred upon it by item III of the article 163 of Law No. 6,404/76, issued the report contained in Exhibit B.</font></td>


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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">There being no further matters to discuss, the meeting was concluded, and these minutes were written, read, passed, and signed by all the Board members present</font><font style="line-height: inherit;">.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp;</font></p>
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<p style="font-size: 10pt; line-height: 150%; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">&#201;lcio Arsenio </font><font style="font-weight: bold; line-height: inherit;">Mattioli</font></font></p>



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<p style="font-size: 10pt; line-height: 150%; margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Marcelo Gon&#231;alves Farinha</font></p>



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<p style="font-size: 10pt; line-height: 1.2; margin: 6pt 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">C.C. Marcos Marinho Lutz</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 6pt 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Rodrigo de Almeida Pizzinatto</font></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">EXHIBIT A</font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">REPORT OF THE FISCAL COUNCIL</font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">The Fiscal Council of Ultrapar </font><font style="line-height: inherit;">Participa&#231;&#245;es</font><font style="line-height: inherit;"> S.A. (&#8220;Company&#8221;), pursuant to legal and statutory provisions, declares that it has analyzed the Management Report and the Financial Statements (parent company and consolidated) prepared in accordance with accounting practices adopted in Brazil and the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), for the year ended December 31, 202</font><font style="line-height: inherit;">4</font><font style="line-height: inherit;"> and duly approved by the Board of Directors of the Company on February </font><font style="line-height: inherit;">26</font><font style="line-height: inherit;">, 202</font><font style="line-height: inherit;">5</font><font style="line-height: inherit;">. </font></font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">Based on the assessments made and considering the report with an unqualified opinion presented by the Company&#8217;s independent auditors, Deloitte Touche Tohmatsu Auditores </font><font style="line-height: inherit;">Independentes</font> <font style="line-height: inherit;">Ltda</font><font style="line-height: inherit;">, dated February </font><font style="line-height: inherit;">26</font><font style="line-height: inherit;">, 202</font><font style="line-height: inherit;">5</font><font style="line-height: inherit;">, as well as the information and clarifications received during the year, the Fiscal Council attests that the mentioned documents, as well as the proposal for the destination of net earnings for the period, including dividend distribution, are ready to be presented in the Annual General Shareholders&#8217; Meeting, to be held at a timely moment, within the legal timeframe.</font></font></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">EXHIBIT B</font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">REPORT OF THE FISCAL COUNCIL</font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">The Fiscal Council of Ultrapar </font><font style="line-height: inherit;">Participa&#231;&#245;es</font><font style="line-height: inherit;"> S.A. (&#8220;Company&#8221; or &#8220;Ultrapar&#8221;), exercising the attribution conferred upon it by item III of article 163 of Law No. 6,404/76, has examined the proposal, submitted by the Company's Executive Board, to increase the share capital in the total amount of R$ 1,</font><font style="line-height: inherit;">365,348,231.82 </font><font style="line-height: inherit;"> (one billion, </font><font style="line-height: inherit;">three </font><font style="line-height: inherit;">hundred and </font><font style="line-height: inherit;">sixty-five m</font><font style="line-height: inherit;">illion</font><font style="line-height: inherit;">, three hundred and forty-eight thousand, two hundred and thirty one</font><font style="line-height: inherit;"> Reais</font><font style="line-height: inherit;"> and eighty-two cents</font><font style="line-height: inherit;">), without the issuance of new shares, by incorporating part of the funds registered in the statutory reserve for investments, considering that the balance of profit reserves exceeded the Company's share capital. Said proposal, with the consequent proposal to amend the Company's bylaws, will be submitted for assessment by shareholders at an Extraordinary General Meeting. </font></font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The members of the Board, having verified that the matter complies with the applicable legal, regulatory and statutory provisions, within the limits of their powers established by Law No. 6,404/76, gave a favorable opinion to its submission to the Extraordinary General Meeting to be held together with the Company's Annual General Meeting.</font></p>
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<p style="margin: 0.15pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
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<p style="margin: 0.15pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><img src="img9c1aa24ab9e74a3fa011.jpg" style="display: block; margin-left: auto; margin-right: auto;" alt="Graphics"></font></p>
<p style="margin: 0.15pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; line-height: 1.2; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;">ULTRAPAR PARTICIPA&#199;&#213;ES S.A.</font></p>
<div style="margin: 10pt 0pt; line-height: 1.2; text-align: center; text-indent: 0pt;"><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none;" href="#TOC" name="BNTS_2512025201738543" class="customBookmark"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;">NOTICE TO SHAREHOLDERS</font></a></div>
<p style="margin: 0.15pt 0pt 0pt; text-align: center; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Distribution of dividends</font></p>
<p style="margin: 0.15pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 5.7pt 0pt 5.1pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">S&#227;o Paulo, February 26, 2025 &#8211; Ultrapar Participa&#231;&#245;es S.A. informs that the Board of Directors, at the meeting held today, approved the distribution of dividends in the amount of R$ 493,300,669.95, equivalent to R$ 0.45 per common share, to be paid from March 14, 2025, onwards, without remuneration or monetary adjustment.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 5.7pt 0pt 5.1pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 5.7pt 0pt 5.1pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The record date that establishes the right to receive the dividend will be March 6, 2025, in Brazil, and March 10, 2025, in the United States. Therefore, the shares will be traded "ex-dividend" from March 7, 2025, onwards on the S&#227;o Paulo Stock Exchange (B3), and from March 10, 2025, onwards on the New York Stock Exchange (NYSE). </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 5.7pt 0pt 5.1pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 5.7pt 0pt 5.1pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The number of shares considered to calculate the dividend per share considers the issuance of 67,679 common shares, as approved by the Board of Directors on this date.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 5.7pt 0pt 5.1pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 5.7pt 0pt 5.1pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-indent: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;">Rodrigo de Almeida Pizzinatto</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 5pt 0pt 0pt; text-indent: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Chief Financial and Investor Relations Officer Ultrapar</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 5pt 0pt 0pt; text-indent: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Participa&#231;&#245;es S.A.</font></p>
<p style="font-size: 8pt; line-height: 1.2; margin: 1.85pt 91.2pt 0pt 90.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

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<p style="font-size: 14pt; line-height: 115%; margin: 0pt 0pt 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">SIGNATURES</font></p>
<p style="font-size: 10pt; line-height: 115%; margin: 0pt 0pt 10pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p>
<p style="font-size: 10pt; line-height: 115%; margin: 0pt 0pt 10pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Date: February 26, 2025&nbsp;</font></p>
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<td style="width: 50%; height: 10px;"><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: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 47.2px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">ULTRAPAR HOLDINGS INC.</font></td>













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<td style="width: 50%; height: 10px; border-bottom: 1pt solid #000000;"><font style="font-size: 10pt;"><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: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">By: /s/ Rodrigo de Almeida&nbsp;</font>Pizzinatto</font></td>













      </tr>
<tr style="height: 10px;">
<td style="width: 50%; height: 10px;"><br></td>
<td style="width: 50%; height: 10px;"><font style="font-size: 10pt;"><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: 47.2px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Name: Rodrigo de Almeida&nbsp;</font>Pizzinatto</font></td>













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<tr style="height: 10px;">
<td style="width: 50%; height: 10px;"><br></td>
<td style="width: 50%; height: 10px;"><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: start; text-indent: 47.2px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Title: Chief Financial and Investor Relations Officer</font></td>













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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
